Wells Fargo Home Mortgage’s Wissinger To Coordinate Company’s Retail Insurance Businesses; Heiden, Heid Given Wissinger’s Mortgage Responsibilities, Report To Oman
SAN FRANCISCO — June 16, 2004
Wells Fargo & Company (NYSE:WFC) has named Pete Wissinger, head of Wells Fargo Home Mortgage, to coordinate the Company’s retail insurance businesses and create and execute a company-wide strategy for all the company’s insurance activities.
“Our insurance activities are spread across a number of our business groups so we need to coordinate all these related businesses with a common vision and strategy to achieve our goal of being the #1 insurance provider in all our markets,” said John Stumpf, group EVP, Community Banking. “Pete’s done an outstanding job helping us be the nation’s #1 mortgage company and now, with his leadership, partnering skills and intimate knowledge of our company, he’ll focus on our goal of earning all the insurance business of all our households and businesses so we can accelerate our progress toward our company’s #1 strategic initiative – to increase the contribution to our company’s earnings from investments, trust, brokerage and insurance from the current 15 percent to 25 percent. Our opportunity to grow our insurance businesses is significant because they currently earn much less than our mortgage-related businesses and yet the insurance industry is about ten times larger than the mortgage industry.”
Wissinger will report to Stumpf and have oversight responsibility for Minnesota-based Rural Community Insurance Service (the nation’s largest crop insurance managing general agency), oversee product development for Wells Fargo Insurance and direct sales of insurance in Community Banking in partnership with Private Client Services, and join the board of Wells Fargo insurance subsidiary Acordia, Inc., based in Chicago ($6.5 billion in premiums).
“During his two decades with our company, Pete and our home mortgage leadership team helped our mortgage business establish a long track record of growth and success,” said Mark Oman, group EVP for Wells Fargo’s Home and Consumer Finance Group. “As a result, Wells Fargo has become the nation’s largest mortgage originator and #1 provider of mortgages to first-time home buyers and ethnic minorities. We thank Pete for his many contributions to our mortgage business and we look forward to partnering with him on this exciting new growth opportunity for our insurance businesses across the company.”
Cara Heiden, head of National Consumer Lending, and Mike Heid, Mortgage CFO – both EVPs of Wells Fargo Bank, N.A. and 25-year veterans of the financial services industry – will assume Wissinger’s mortgage responsibilities and report to Oman. Heiden will be responsible for Institutional Lending; Retention, Marketing and Cross Sell; Servicing and Post Closing, and the National Consumer Lending team she currently oversees. Heid will be responsible for Capital Markets and Credit; Strategic Design and Integration; the Wells Fargo Three-Step Refinance SYSTEM,SM and Mortgage’s Finance and Corporate Real Estate teams that currently report to him.
“We’re fortunate that Pete has built a very talented, experienced senior management team to provide a smooth leadership transition,” said Oman. “Cara’s and Mike’s breadth and depth of experience in mortgage banking will serve our team, our customers, and our shareholders well in the ‘Next Stage’ of market share growth for our mortgage business.”
Heiden joined Norwest Bank Iowa in 1981 and was named the bank’s CFO in 1988. She was named CFO of Norwest Mortgage in 1992 and led Servicing and Post Closing from 1994 to 1997 when she became head of Marketing and Retail Direct Client Services. She was named head of National Consumer Lending in 1998. Heid joined Norwest Mortgage in 1991 as controller, and in 1993 was named a division head in Servicing. He became head of the Servicing and Post Closing in 1997. He was named CFO in 2002.
Wissinger joined Norwest Mortgage in 1984 as a vice president and store manager and was promoted to regional manager, division manager and national retail production manager. In 1997, he was given added responsibility for the mortgage servicing portfolio. With the Norwest-Wells Fargo merger in 1998, he was named head for retail, servicing, and institutional lending sales and operations. He was named president and chief operating officer two years later and in January 2001 was named to his current position.
Wells Fargo is a $397 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance for 23 million customers through more than 5,900 stores, the internet (wellsfargo.com) and other distribution channels across North America.