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Newport Beach, Calif. (April 2, 2007) – Pacific Life Insurance Company announced today that James T. Morris, 47, assumed the role of president and chief executive officer, becoming only the company’s 14th chief executive officer in its 139-year history. This appointment was announced by the Board of Directors in November 2006. Thomas C. Sutton, Pacific Life’s previous CEO, will retire in June 2007 after having served for 17 years as chairman and CEO. He will continue to serve as chairman of the Board of Directors.
Mr. Morris has also been appointed to serve on the boards of Pacific Mutual Holding Company, Pacific LifeCorp, and Pacific Life Insurance Company.
“Pacific Life is a leader in providing financial solutions to customers across the U.S. We pride ourselves on having the best people in the industry. Our products have an array of choices which meet the unique needs of every client. Our service is responsive and we constantly measure ourselves and strive to improve,” said Morris. “It is a privilege for me to lead a company with such a rich history of making and keeping long-term promises to our clients and I look forward to helping Pacific Life continue its trend of leadership and growth.”
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, Morris was promoted to executive vice president of the Life Insurance Division in 2002. In 2005, he was elevated to executive vice president and chief insurance officer. Since the beginning of 2006, Morris has served as chief operating officer, with overall responsibility over the Annuities & Mutual Funds Division, the Life Insurance Division, and Pacific Select Group.
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. Pacific Life counts more than half of the 100 largest U.S. companies as clients1 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.
1 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2006.
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