Willis Group Holdings Ltd. announced that Chairman and Chief Executive Officer Joe Plumeri has adopted a pre-arranged, personal trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934.
Rule 10b5-1 permits insiders to sell fixed portions of their holdings over a designated period of time by establishing pre-arranged written plans at a time when they are not in possession of material non-public information.
In the company’s 2005 Proxy Statement, the Compensation Committee of the company’s Board of Directors indicated that, although Willis utilizes its stock and options as a significant element of compensation for employees, the Committee has encouraged Plumeri and other executive officers to consider regularly disposing of portions of their Willis stock in order to diversify their assets.
Plumeri’s Rule 10b5-1 plan, effective this week, authorizes his stockbroker to sell 2,350,000 shares of his Willis common stock in installments commencing in June 2005.
After giving effect, Plumeri will continue to hold approximately 2.4 million shares and options of Willis common stock.