James K. Mitchell was named chairman, president...

James K. Mitchell was named chairman, president and chief executive of Spear Financial Services Inc. in Glendale, succeeding Charles M. Spear, who resigned earlier this month.

Mitchell’s appointment was not a surprise. The biggest part of Spear’s business is the marketing of insurance-related investments through its James Mitchell & Co. subsidiary, which Mitchell headed.

Spear also operates a discount brokerage and provides other investment services, but has announced plans to divest those lines. The company said its board also elected Herman A. Schaefer as vice chairman, and he will initially focus on those divestitures.