Pacific Life lays off 54 in Newport Beach as it outsources IT work – OCRegister

19November 2019

Pacific Life Insurance Co. is laying off 54 employees at its Newport Beach headquarters, part of a move to outsource some of its technology operations.

The employees will be terminated as of Dec. 31, according to a letter filed Oct. 25 with California’s Employment Development Department. The state requires at least 60 days of advance notification if a company plans a mass layoff.

Almost all of the job titles listed in the letter are related to IT work.

Steve Chesterman, Pacific Life Insurance’s assistant vice president for corporate communications, said via email that the terminations were part of an ongoing effort to find the right technology service for the company at the right cost.

“This includes partnering with quality service providers that can bring us external best practices, innovation and efficiency,” Chesterman said in the statement.

Chesterman told The Register he did not know where the outsourced technology work would be done.

The 54 workers are being offered severance packages, job placement support and extended transition time through the end of the year, according to the company.

Pacific Life Insurance has been based in Newport Beach since 1972. Its headquarters, at 700 and 800 Newport Center Drive, has 1,300 employees with a total of 2,100 across Orange County.

Another corporate adjustment for the company was announced in September when it signed an agreement to sell off a subsidiary. Aviation Capital Group, a commercial aircraft leasing company, was sold to Tokyo Century Corp., a public company.

In a statement, Pacific Life Insurance said the sale, for an undisclosed price, would allow it to invest more in its core business.

Source: ocregister.com

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