Executive shuffle at Wells Fargo Home Mortgage

June 18, 2004

Wells mortgage chief to oversee insurance business

Inman News

Pete Wissinger, head of Wells Fargo Home Mortgage, is moving to Wells Fargo's retail insurance businesses and create a company-wide strategy for all the company's insurance activities.

Cara Heiden, head of national consumer lending, and Mike Heid, mortgage CFO – both EVPs of Wells Fargo Bank and 25-year veterans of the financial services industry – will assume Wissinger’s mortgage responsibilities.

"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 No. 1 insurance provider in all our markets," said John Stumpf, group EVP of community banking.

Wissinger will oversee Minnesota-based Rural Community Insurance Service, product development for Wells Fargo Insurance and direct sales of insurance in community banking in partnership with private client services. He also will join the board of Wells Fargo insurance subsidiary Acordia, Inc., based in Chicago.

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 took on 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.

Copyright: Inman News Features

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