Jim Morris Named President and Chief Executive Officer Effective April 2, 2007; Tom Sutton to Remain Chairman of the Board
Newport Beach, Calif. (November 29, 2006) – The Boards of Directors of the parent companies of Pacific Life Insurance Company today announced that they have elected James T. Morris, 46, as Pacific Life’s next president and CEO. Morris, currently the company’s chief operating officer, will be only the 14th chief executive in Pacific Life’s 139-year history. The appointment is effective April 2, 2007.
Current chairman and CEO Thomas C. Sutton will continue to serve as chairman. He will retire as an employee of the company in June 2007, ending a 43-year career with the company, including two years as president and 17 years as chairman and CEO.
“Jim Morris is a talented executive who possesses a thorough understanding of our business, our strategy, and our potential,” said Sutton. “Jim and I have worked closely together for the past 24 years, and Pacific Life will be in very capable hands. I am confident that Jim and our experienced management team will take the company to the next level of success.”
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.
“I am honored by the Board’s decision and I am excited by the opportunity to lead what I believe is the best life insurance company in the country,” said Morris. “We have a great management team and very dedicated employees. I am enthusiastic about the opportunities that lie ahead.”
Tom Sutton began his career at Pacific Life in 1963 as an actuarial trainee. He held a series of management positions in the Life Insurance and Corporate Divisions until his September 1, 1987 election as president and member of the board of directors. On January 1, 1990, Sutton became chairman of the board and chief executive officer. During his tenure as CEO (1990-2006), assets of the company have grown from $9 billion to $95 billion. Additionally, the endowment of the company’s charitable arm, the Pacific Life Foundation, has grown from $8 million to $62 million.
Sutton served as chairman of the American Council of Life Insurers (ACLI), the nation’s principal life insurance company trade association, during 1996-1997. He also served as chairman of the Health Insurance Association of America (HIAA), which was the nation’s principal health insurance trade association during his service in 1994-1995. Sutton previously served as chairman of the South Coast Repertory Theatre and is currently chairman of the Public Policy Institute of California.
Morris said, “Tom Sutton has been a great CEO for this company. We have accomplished much under his leadership, and he deflects the credit to the employees. His leadership has made us a company that embraces change and innovation to meet the needs of clients and the evolving business environment.”
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.