David Carmichael to retire at the end of 2007 after 30 years of service,
15 of those as General Counsel
Newport Beach, Calif. (August 28, 2007) – Pacific Life Insurance Company’s President and CEO James T. Morris has announced that Sharon Cheever will become Pacific Life’s next General Counsel effective January 1, 2008. She will succeed David Carmichael, who is retiring after serving Pacific Life for 30 years, with the last 15 years as General Counsel.
A graduate of San Diego State University and the University of San Diego School of Law, Ms. Cheever was an associate with the law firm of O’Melveny & Myers prior to joining Pacific Life in 1986. During her 21-year career with Pacific Life, Ms. Cheever has been involved in varied aspects of the company’s business, including acquisitions and dispositions, securities investments and workouts, strategic initiatives, and investment product implementations. Her past achievements include legal oversight for the formation of PIMCO Advisors LP, the sale of PIMCO Advisors LP to Allianz, and the acquisition of Aviation Capital Group.
“Sharon possesses the knowledge and understanding of the key legal issues our company faces on a daily basis, ” said Jim Morris, president and CEO of Pacific Life. “I look forward to working with her more closely as Pacific Life continues to grow.”
As General Counsel for the past 15 years, Mr. Carmichael has overseen the legal aspects of every business matter and transaction during a period of unprecedented growth. During the 1990s, he was part of major transactions that resulted in Pacific Life’s rapid gain in assets under management, including the acquisition of First Capital Life and the formation of PIMCO Advisors LP. He guided Pacific Life in the transition from mutual company to a mutual holding company structure in 1997, and oversaw the redomiciling of Pacific Life from California to Nebraska in 2005.
“Dave has been a key advisor to Pacific Life’s management and board of directors, and has represented the company in leadership roles in several state and national industry organizations,” said Jim Morris. “He has done an extraordinary job for Pacific Life and I wish him a rewarding and relaxing retirement.”
Founded in 1868, Pacific Life provides insurance products, 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 50 largest U.S. companies as clients2 and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.
1 Product features and availability vary by state.
2 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2007.