Willis Extends CEO’s Contract; Millwater, Wright, Regan in New Roles

March 3, 2008

Willis Group Holdings has extended the employment agreement with its Chairman and CEO Joseph J. Plumeri. The agreement, which was originally scheduled to expire October 15, 2009, extends his tenure through April 2011. The extension assures that Plumeri will continue to oversee “the completion of ‘Shaping our Future,’ Willis’ strategic plan for profitable growth which includes specific financial targets through 2010,” said the bulletin.

Plumeri in turn announced three new senior management appointments.

Grahame Millwater, presently Willis’ COO, has been promoted to the new role of President, Willis Group Holdings. Millwater has been with Willis for 23 years. He will now be focusing specifically “on developing global businesses, Willis’ Global Marketing, relationships with underwriting markets and supporting Willis Re, Willis’ global reinsurance unit.” He will also work closely with Plumeri in other aspects of client development and in continuing to ensure the execution of the “Shaping our Future initiatives.”

As Millwater assumes his new role, Willis announced the creation of two Group COO positions – “each with specific responsibilities. One will focus on operations, and one on finance and administration.”

Tim Wright will join Willis as Group COO, effective September 2008. He will assume responsibility for the day to day execution of the Shaping our Future initiatives and will also oversee the Group’s operational processes, service centers and IT. Wright, who has over 20 years of international experience in the insurance and financial services industries, joins Willis from Bain & Company, where he is currently head of UK Financial Services.
Patrick Regan, currently CFO, also becomes Group COO, overseeing all the company’s finance and administrative activities. The additional role reflects his “contributions since he joined as CFO in January 2006, and his increasingly wider responsibilities,” said the announcement. “These include risk management, global real estate, capital markets, and accounting and settlement.”

Plumeri noted that he’s is as “passionate about Willis today as the day I started,” and indicated he’s looking forward to working with his reorganized team. He remains committed to building “the greatest insurance brokerage in the world,” adding that the combined experience of the team makes it “by far the best in the industry.”

Source: Willis – www.willis.com.

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