CHICAGO - Wells Fargo & Co. said Wednesday that Frank Witthun will become nonexecutive chairman of Chicago-based Acordia Inc., its insurance brokerage subsidiary, on March 1. Succeeding him as president and chief executive officer will be Kevin Conboy, a 17-year Acordia veteran.
Mr. Conboy and Mr. Witthun will continue to report to David Zuercher, group head of international and insurance services at Wells Fargo in San Francisco and chairman of the board at Acordia.
Mr. Conboy was in charge of the east region for Acordia before becoming chief operating officer last June. Under his leadership, Acordia will continue to seek acquisitions, internal growth, and integration of its products and services with Wells' commercial banking and commercial real estate programs, the company said.
In his new post, Mr. Witthun is to consult on acquisitions and represent Wells and Acordia at industry events and in the HLA Global Network, a partnership between Acordia and London-based Heath Lambert Group that gives Acordia customers access to global insurance and risk management services. Mr. Witthun has been CEO of Acordia since 1994. During his tenure, Acordia made more than 80 acquisitions.
