By Erik Holm
Insurance broker Willis Group Holdings PLC (WSH) said Dominic
Casserley will take over as chief executive early next year,
replacing Joe Plumeri, the colorful CEO who took the company public
in 2001.
The London-based company also elevated Steve Hearn, currently
head of one of its main units, to the role of deputy CEO.
Mr. Casserley, 54, is a longtime McKinsey & Co. partner who
has led its operations in China and the U.K. Following a transition
period in 2013, Mr. Casserley will be based in Willis' New York
office.
Mr. Plumeri, 69, will serve as non-executive chairman through
July 2013.
With Mr. Plumeri's contract set to expire next July, his
potential retirement and the lack of a clear successor had been
discussed by analysts for months. In August, Morgan Stanley
insurance analyst Gregory Locraft wrote that "the lack of a
[contract] renewal or stated successor is a key investor
concern."
Willis' lead independent director, former U.S. Senator Bill
Bradley, said Mr. Casserley had been selected after a "rigorous and
thorough search for our next CEO."
Mr. Hearn, 46, joined Willis when it acquired broker Hilb Rogal
& Hobbs in 2008. In January, Mr. Hearn was appointed CEO of
Willis Global, the unit that includes the company's global
reinsurance and specialty operations. Willis said Mr. Hearn will
continue in that role in addition to his duties as deputy CEO.
Mr. Plumeri joined Willis as chairman and CEO in 2000 following
a 32-year career with Citigroup Inc. (C) and its predecessors.
Willis was then owned by private-equity firm Kohlberg Kravis
Roberts & Co. (KKR.XX), and Mr. Plumeri took it public within a
year. Shares have risen about 175% since the broker went public at
$13.50 a share in June 2001.
Under his tenure, Willis built a flashy new headquarters in
London and put its name on the building once known as the Sears
Tower in Chicago.
Willis shares, listed on the New York Stock Exchange, were
unchanged in light volume in pre-market trading.
Write to Erik Holm at erik.holm@dowjones.com.
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