Newport Beach, Calif. (May 29, 2008) – James T. Morris, current president and chief executive officer of Pacific Life Insurance Company, today was elected chairman of the board for both parent companies of Pacific Life. The election to chairman of both the Pacific Mutual Holding Company and Pacific LifeCorp boards occurred the day following the company’s annual meeting and is effective immediately.
As chairman, Mr. Morris succeeds Thomas C. Sutton, who has served as chairman of the board since 1990. Mr. Sutton retired as chief executive officer of Pacific Life in April 2007, ending a 43-year career with the company. He will remain as a director of both Pacific Mutual Holding Company and Pacific LifeCorp’s boards.
Mr. Morris joined Pacific Life as an assistant actuary following his 1982 graduation from the University of California, Los Angeles. After holding a number of significant positions in a variety of areas, he was promoted to executive vice president of the Life Insurance Division in 2002. In 2005, Mr. Morris was elevated to executive vice president and chief insurance officer and in 2006, assumed the role of chief operating officer. In April 2007, following Mr. Sutton’s retirement, Mr. Morris was named president and CEO of Pacific Life.
“Jim Morris has a twenty-six year history with Pacific Life,” said Mr. Sutton. “During this time, he has increasingly been involved and responsible for the growth of the company. The directors of our boards are impressed with Jim’s leadership style and business acumen and this appointment reflects our complete confidence in his ability to lead Pacific Life and its family of companies.”
“Tom Sutton has been an invaluable mentor to me and he will continue to be a valuable resource as a board member,” said Mr. Morris. “As chairman of the board, he has established a framework for the company which has positioned us for the future as a financially strong company with significant presence in our markets and with opportunities to grow.”
Founded in 1868, Pacific Life provides life insurance products, individual annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.1 Pacific Life counts more than half of the 100 largest U.S. companies as clients2 and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional information about Pacific Life, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor’s, and Moody’s, visit the company Web site at www.PacificLife.com.
1 Product features and availability vary by state.
2 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2008.