Willis Group Holdings, the global insurance broker reports it has extended the employment agreement with Joseph J. Plumeri, its chairman and chief executive officer.
The agreement, which was originally scheduled to expire Oct. 15, 2009, will extend his tenure as leader of Willis through April 2011. This means Plumeri will oversee the completion of the firm’s current “Shaping our Future” strategic plan that includes specific financial targets through 2010.
“I am as passionate about Willis today as the day I started,” said Plumeri.
Plumeri announced the creation of several new senior management roles and appointments.
Grahame Millwater, chief operating officer, has been promoted to the new role of president, Willis Group Holdings. Millwater, who has been with Willis for 23 years, will specifically focus on developing global businesses, Willis’ Global Marketing, relationships with underwriting markets and supporting Willis Re, Willis’ global reinsurance unit.
To allow Millwater to focus on his new role, Willis is creating two group chief operating officer positions; one will focus on operations, and one on finance and administration.
One of the new group COOs will be Tim Wright, effective Sept. 2008. Wright 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. He joins Willis from Bain & Co., where he is currently head of UK Financial Services. Wright brings more than 20 years of international experience in the insurance and financial services industries.
Patrick Regan, currently chief financial officer, is also named a group chief operating officer, overseeing all the company’s finance and administrative activities. This additional role reflects Regan’s contributions since he joined as CFO in January 2006, and his increasingly wider responsibilities. These include risk management, global real estate, capital markets, and accounting and settlement.
Wright joins the Executive Committee, Willis’ senior leadership team. In addition to Plumeri, Millwater, Regan and Wright, members include Don Bailey, CEO North America; Adam Ciongoli, group general counsel; Allan Gribben, CEO International; Peter Hearn, CEO Willis Re; David Margrett, chairman and CEO of Willis Limited; and Sarah Turvill, chairman International and CEO Emerging Markets.
Source: Willis Group Holdings Limited