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Button, who joined Pacific Life in 2017, will become only the 15th chief executive in Pacific Life’s 154-year history. In addition, the board of directors of Pacific Mutual Holding Company, the ultimate parent company of Pacific Life, has named Mariann Byerwalter as its non-executive board chair beginning April 1.
“Darryl is a proven leader who has a deep knowledge of the insurance industry and a commitment to the financial security our products provide to our policyholders,” Morris said in a statement. “He understands the balance between strategic growth and risk management that will ensure Pacific Life’s continued success.”
Following his retirement, Morris will continue to serve as a director on the board through 2023.
He began his almost 40-year career at Pacific Life following his graduation from the University of California, Los Angeles, and held a series of management positions before becoming CEO in 2007.
During his 15-year tenure, company assets have almost doubled from $101 billion to $198 billion. The endowment of the Pacific Life Foundation has also more than doubled from $63 million to $130 million during this same time period.