WINSTON-SALEM, N.C.,
Sept. 23, 2015 /PRNewswire/ --
BB&T Corporation (NYSE: BBT), today announced that H. Wade Reece, chairman and CEO of BB&T
Insurance Holdings Inc., will retire effective Dec. 31, 2015.
Reece completes an illustrious 37-year career with BB&T in
which BB&T Insurance Holdings has grown to be the fifth largest
insurance broker in the U.S. and the sixth largest in the world
with more than $1.7 billion in
revenue in 2014.
"This is a very bittersweet moment," said BB&T Chairman and
Chief Executive Officer Kelly S.
King. "Wade is the personification of a great leader,
displaying an extraordinary commitment to excellence, a dedication
to the highest standards and exceptional management expertise.
Under his guidance, BB&T Insurance Services' growth has been
nothing short of phenomenal. We will surely miss him and wish him
the greatest success in this new chapter of his life."
A Boonville, N.C., native,
Reece graduated from North Carolina State
University in 1978 with a bachelor's degree in agricultural
economics. He joined the BB&T Management Development Program
that same year, and after completing the intensive training, served
on the banking side of BB&T as city executive for Wallace, Lexington, Fayetteville and city executive and area
manager for Gastonia, N.C. But,
Reece found his niche at the helm of BB&T Insurance Services in
Raleigh, N.C.
In 1990, Reece was charged with making BB&T's struggling
insurance division profitable to provide a source of revenue that
was not sensitive to fluctuating interest rates. At that time,
BB&T Insurance Services had revenues of $6 million. Assigning him to the task was a move
Reece described to his manager as "a crazy idea," and he recalls
saying, "I don't know anything about insurance, except to trust my
agent." However, Reece stepped up to the challenge.
Today, he is credited as the architect of a highly successful
acquisition program that includes more than 100 agencies and
brokerages. These acquisitions gave BB&T Insurance Holdings the
talent and resources necessary to serve much more sophisticated and
specialized clients. And, the diversified income stream provided by
BB&T Insurance Services contributed to BB&T Corporation's
strength and stability during the recent financial crisis.
"Wade has demonstrated time and again his extraordinary ability
to successfully lead his team," said BB&T Chief Operating
Officer, Chris Henson. "His vision
and foresight have been a tremendous strength. We will miss him
greatly, but wish him well in all future endeavors."
"I never dreamed BB&T Insurance Services would evolve into
what it is today," Reece said. "It's been an incredible experience
and a lot of fun. I've had the privilege to work with some of the
most talented individuals in our industry and for a rare company
that has always emphasized values and integrity."
Outside the office, Reece serves as vice chairman of the
Foundation of Agency Management Excellence (FAME) Board of
Directors and as a past chairman of the Council of Insurance Agents
and Brokers. He is a member of the Executive Committee of the
Institutes (American Institute for CPCU and Insurance Institute of
America) where he is also a past chairman of the board of trustees.
He also is an honorary campaign cabinet member for Appalachian
Theater.
Reece, who is a member of the North Carolina Chapter of The
Nature Conservancy, an ambassador for Land for Tomorrow and Trout
Unlimited and works with the Blue Ridge Conservancy and
Preservation North Carolina, plans to spend much of his retirement
with his family as well as catching "rainbows" in any number of
trout streams.
John Howard, vice chairman and
CEO of the Wholesale and Specialty Division of BB&T Insurance
Holdings, will succeed Reece.
"We are extremely pleased John
Howard will be stepping into the role of chairman and CEO of
BB&T Insurance Holdings," Henson said. "John's skills and
talent are certain to continue the momentum and success Wade has
charted for this very important line of business."
Howard, who earned his bachelor's degree in economics from
Columbia University and MBA from
Duke University, brings more than 20
years of brokerage, underwriting, and executive management
experience to his new role. He joined BB&T in 2012 with the
acquisition of Crump Group Inc., the second largest wholesale
insurance distributor in the United
States, where he served as president and CEO.
"One thing I've learned through the years is success always
comes down to relationships that are developed through knowledge,
expertise and shared values," Howard said. "I think that's been one
of Wade's real strengths, and I plan to continue to build upon that
legacy he has built at BB&T Insurance."
About BB&T Insurance Holdings
Raleigh, N.C.-based BB&T Insurance
Holdings, the fifth largest insurance broker in the U.S. and the
sixth largest internationally, is a wholly owned subsidiary of
BB&T Corporation. BB&T Insurance Holdings operates more
than 100 insurance agencies through subsidiaries BB&T Insurance
Services, BB&T Insurance Services of California, and McGriff, Seibels &
Williams. Visit http://Insurance.BBT.com to learn more.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$210 billion in assets and market
capitalization of approximately $31.3
billion, as of Aug. 17, 2015.
Based in Winston-Salem, N.C., the
company operates 2,149 financial centers in 15 states and
Washington, D.C., and offers a
full range of consumer and commercial banking, securities
brokerage, asset management, mortgage and insurance products and
services. A Fortune 500 company, BB&T is consistently
recognized for outstanding client satisfaction by the U.S. Small
Business Administration, Greenwich Associates and others. BB&T
has also been named one of the World's Strongest Banks by Bloomberg
Markets Magazine, one of the top three in the U.S. and in the top
15 globally. More information about BB&T and its full line of
products and services is available at BBT.com.
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SOURCE BB&T Corporation