Insurance broker Aon Corp. said it has finalized a five-year employment agreement with the head of Hewitt Associates, the benefits and human resources consulting giant it agreed to purchase earlier this year.
Russell P. Fradin, current chief executive officer of Hewitt, have agreed on the financial terms of the agreement, which is contingent upon the merger being finalized. The contract calls for Fradin to serve as chairman and CEO of Aon Hewitt, a position in which he will report to AON CEO Greg Case. The financial agreement calls for Fradin to take “a substantial portion” of his change in control compensation in Aon restricted stock that will be distributed only when he leaves Aon.
In addition, Aon announced several other new leadership positions in connection with the merger.
Baljit Dail will become CEO of the consulting business. He is currently the CEO of Aon Consulting and COO of Aon Benfield.
Kristi Savacool will become CEO of the Benefits Administration business. She is currently senior vice president of Large Market Benefits
Jim Konieczny will become CEO of the HR Business Process Outsourcing (BPO) business. He is currently president of HR BPO for Hewitt.
Greg Besio will lead the overall Aon Hewitt integration. He is currently Aon’s chief administrative officer.
Scott Ordway will become the CFO of Aon Hewitt. He is currently vice president of Finance and Operations for Aon.
David Baruch will become the CIO of Aon Hewitt. He is currently the CIO of Hewitt
Neela Seenandan will become global head of HR for Aon Hewitt. She is currently global head of HR for Aon Benfield.
Mark Sproat will become chief counsel-Aon Hewitt. He is currently the associate general counsel for Hewitt Outsourcing.