Filed Under:Markets, Commercial Lines

Willis CFO to get $3.75 million lump sum in post-merger exit

https://www.willistowerswatson.com/en
https://www.willistowerswatson.com/en

(Bloomberg) -- Willis Towers Watson Plc, the company created this week by the merger of insurance broker 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 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.

Related: Towers Watson approves $8.9 billion Willis deal; share jump

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.

We’re on Facebook, are you?

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

NAPSLO 2016

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

N.J. commuter train crashes into Hoboken station causing death, destruction

A commuter train crashed into one of the busiest train stations in the New York City area during the morning rush on Thursday, killing at least one person and sending at least 74 to area hospitals.

Top Story

A look at fall's most common road hazards, region by region

Based on comprehensive claims data from Farmers, here's what's most likely to cause an auto accident in your area right now.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.