An executive with one of the world’s biggest insurance brokers gets a multi-million send off and it wasn’t even the CEO
Willis Towers Watson Plc, the company created this week by the merger of insurancebroker Willis Group Holdings Plc and consulting firm Towers Watson & Co., said Chief Financial Officer John Greene is stepping down.
Greene, who was CFO of the London-based broker, will stay on as a transition adviser for the combined company and will get a package including a lump sum cash payment of $3.75 million, Willis Towers Watson said in a regulatory filing Tuesday. He will also receive accelerated vesting of equity awards and one year of continued health coverage. His term as an adviser is set to last until May 15 and could be adjusted.
The merger brought tax advantages to the consulting operation, which had been based in the U.S. The deal may help the broker compete against insurance-industry rivals Marsh & McLennan Cos. and Aon Plc, which also have substantial consulting operations. While Willis shareholders got a majority of the combined company, it is led by former Towers Watson Chief Executive Officer John Haley.
“Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients,” Haley said in a statement.
Roger Millay, who was CFO under Haley at the consulting firm, has the same post at Willis Towers Watson. The company gained 0.7 percent to $125.84 at the close in New York.
Lily Katz
Bloomberg News
Greene, who was CFO of the London-based broker, will stay on as a transition adviser for the combined company and will get a package including a lump sum cash payment of $3.75 million, Willis Towers Watson said in a regulatory filing Tuesday. He will also receive accelerated vesting of equity awards and one year of continued health coverage. His term as an adviser is set to last until May 15 and could be adjusted.
The merger brought tax advantages to the consulting operation, which had been based in the U.S. The deal may help the broker compete against insurance-industry rivals Marsh & McLennan Cos. and Aon Plc, which also have substantial consulting operations. While Willis shareholders got a majority of the combined company, it is led by former Towers Watson Chief Executive Officer John Haley.
“Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients,” Haley said in a statement.
Roger Millay, who was CFO under Haley at the consulting firm, has the same post at Willis Towers Watson. The company gained 0.7 percent to $125.84 at the close in New York.
Lily Katz
Bloomberg News
