BB&T's Reece announces retirement, leaves legacy of tremendous growth

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.

SOURCE BB&T Corporation

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