The parent company of Newport Beach’s Pacific Life Insurance Co. named Chief Executive James T. Morris as its chairman, completing a succession that started a year ago.
Morris takes over as chairman from Thomas C. Sutton, who held the post for 18 years and also was Morris’ predecessor as chief executive.
Pacific Life sells insurance and investments and has $111 billion in assets. It has yearly revenue of $5 billion and 2,100 workers in the county.
Morris will serve as chairman for Pacific Mutual Holding Co. and Pacific LifeCorp, which owns life insurer Pacific Life Insurance.
Sutton worked for the company for 43 years before retiring as chief executive a year ago. He will stay with the company as a director on the boards of Pacific Life’s two companies.
Morris started with Pacific Life as an assistant actuary 26 years ago and worked his way up the company ranks until he replaced Sutton for the top spot last year.
“Tom Sutton has been an invaluable mentor to me and will continue to be a valuable resource as a board member,” Morris said.
