NEWPORT BEACH, Calif.--September 19, 2005—After more than 30 years in the life insurance industry, Glenn S. Schafer, 56, Vice Chairman of Pacific Life Insurance Company, has elected to retire. His retirement will be effective December 31, 2005.
“We will miss Glenn’s expertise and passion. He has played a major role in the development of our Annuity & Mutual Funds Division, bringing it from a standing start to its industry leading position today,” said Thomas C. Sutton, Chairman and CEO. “He brought energy, ideas and effective execution to many transactions over the years, such as the First Capital acquisition and the several restructurings of our interest in PIMCO.”
“I want to thank him for his leadership and support, and wish him the best in his future activities,” said Sutton.
Mr. Schafer joined Pacific Life in 1986 as vice president of corporate finance. He was elected in 1987 as chief financial officer and as president in 1995. At that time, he also joined the board of Pacific Life. In April of 2005, Mr. Schafer took on a new role as vice chairman.
Mr. Schafer began his career with Peat Marwick Mitchell and Company in 1971. He joined Alexander Hamilton Life Insurance Company in 1974 as assistant controller and ultimately became senior vice president and chief financial officer. He joined E.F. Hutton Life in 1982 and was senior vice president and chief financial officer until 1986, when he joined Pacific Life.
Mr. Schafer is also on the board of directors of Beckman Coulter, the Michigan State University Foundation, and Orange County’s CASA, an organization that protects the rights of disadvantaged children involved in legal dependency proceedings.
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 2005.