Willis CFO Departs, Gets $3.75M in Wake of Merger with Towers Watson

Willis and Towers Watson are now officially one company. Their $8.9 billion merger deal closed on Jan. 4, and they began operating a day later under their new name: Willis Towers Watson Public Limited Co.

Among the post-merger executive changes: Willis Chief Financial Officer John Greene will be stepping down. Bloomberg reported that he will stay on as a transition adviser for the combined company until May 15. Green’s severance package includes a $3.75 million lump sum cash payment, according a Willis Towers regulatory filing cited by Bloomberg,

The company, which will do business as Willis Towers Watson, is a global advisory, broking, and solutions company with 39,000 employees in more than 120 countries. Willis Towers Watson will trade will trade on the NASDAQ Stock Exchange under the symbol “WLTW.”

Willis Towers Watson explained in a statement that it advises clients across four business segments: corporate risk and broking; exchange solutions; human capital and benefits; and investment, risk and reinsurance. The combined company asserted it serves 80 percent of the world’s 1,000 largest companies along with a number of mid-market and smaller businesses.

Board of Directors

The board of directors of Willis Towers Watson consists of 12 members – six directors formerly on the Willis board and six formerly on the Towers Watson board. James McCann, previously chairman of Willis, is chairman of the Willis Towers Watson Board. John Haley, previously chairman and chief executive officer of Towers Watson, and Dominic Casserley, previously chief executive officer of Willis, are also members of the board of Willis Towers Watson.

Executive Officers

The company’s executive leadership team, as previously announced, includes senior management from both Willis and Towers Watson. Haley is now CEO for the combined company. Casserley is Willis Towers Watson president and deputy CEO. Other managers for the combined operation include:

• Nicolas Aubert, head of Great Britain
• Anne Donovan Bodnar, head of Human Resources
• James K. Foreman, head of Exchange Solutions
• Matthew S. Furman, general counsel
• Adam Garrard, head of International
• Julie J. Gebauer, head of Human Capital and Benefits
• Carl Hess, co-head of North America
• Todd Jones, co-head of North America
• Roger Millay, chief financial officer
• Paul Morris, head of Western Europe
• David Shalders, head of Operations and Technology
• Timothy D. Wright, head of Corporate Risk and Broking

Shareholders from Willis and Towers Watson approved the merger in early December. Their vote followed resistance from some Towers Watson shareholders, who successfully pushed for a better deal.

Source: Willis Towers Watson. Some Bloomberg material was also used in this report.