Broker creates President and two Group COO positions
Willis has extended the employment agreement with its Chairman and Chief Executive Officer, Joseph J. Plumeri.
The agreement, which was originally scheduled to expire October 15, 2009, will extend his tenure as leader of Willis through April 2011. In a statement the company said the move would ensure Plumeri would be able to oversee the completion of its strategic plan for profitable growth, including specific financial targets through 2010.
The company extended Plumeri's contract to 2009 in March last year.
In a related development, Willis has also announced several new roles and appointments. Chief Operating Officer, Grahame Millwater, has been promoted to the new role of President, while two Group Chief Operating Officer positions have been created to focus on operations and finance and administration.
Millwater, who has been with Willis for 23 years, will focus on developing global businesses, Global Marketing, relationships with underwriting markets and supporting Willis Re, Willis’ global reinsurance unit.
Tim Wright will join as Group Chief Operating Officer, effective September 2008. Mr. Wright will assume responsibility for the day to day execution of the company's Shaping our Future initiatives and will also oversee the Group’s operational processes, service centers and IT. He is currently head of UK Financial Services at Bain & Company.
Patrick Regan, currently Chief Financial Officer, is also named Group Chief Operating Officer, overseeing all the company’s finance and administrative activities. This includes risk management, global real estate, capital markets, and accounting and settlement.
Plumeri said: “I am as passionate about Willis today as the day I started, and I look forward to working with Grahame, Tim and Pat to build the greatest insurance brokerage in the world. Each of my partners brings tremendous expertise and commitment to Willis. I am confident that the management team we have in place is by far the best in the industry.”
