Pacific Life Names Morris CEO to Replace Retiring Sutton

Orange County's largest privately held company, Newport Beach-based Pacific Life Insurance Co., officially named Jim Morris as its next chief executive, starting next year.

Morris, 46, is set to take over for the retiring Thomas Sutton, who plans to stay on as chairman. Sutton has run the life insurer for the past 17 years. He faced retirement at 65 in late 2007, as is the policy at the life insurer.

The announcement formalizes a succession plan that's been in the works.

At the start of 2006, Morris was made chief operating officer, a move that put him in line to follow Sutton.

Morris joined Pacific Life as an assistant actuary after graduating from the University of California, Los Angeles, in the early 1980s.

He's held a number of positions at the company, including executive vice president of the life insurance division and executive vice president and chief insurance officer.

Pacific Life counts yearly revenue of about $4.6 billion and does insurance policies, aircraft leasing and investment services.

In a Business Journal interview earlier this year, Sutton said he was looking forward to brushing up on his educational passion,theoretical physics,after retiring as chief executive.