At its annual meeting of policy owners, Pacific Mutual Life Insurance Co.'s board of directors approved the promotions of William Cunningham and William D. Cvengros to executive vice presidents, the company's highest level of vice presidency. Cunningham, 62, directs pension investment operations for the company. He joined Pacific Mutual as an actuarial trainee in 1953 and has served as a senior vice president since 1985. Cvengros, 37, joined the company in 1972 as an investment analyst and has served as a senior vice president in charge of investment operations since 1985. He replaces Ott Thompson II, who reached the mandatory retirement age of 65, as executive vice president for investments.