Patrick G. Ryan, founder and executive chairman of Chicago-based Aon Corp., will retire Aug. 1, the company said today.
In a statement Mr. Ryan commented, "The transition to a new management team under the sound leadership of Greg Case is complete. Aon is extremely well positioned for continued growth and success. After 41 years as CEO and three years as executive chairman, it is time to retire from active involvement. I will, of course, continue to be a dedicated and interested shareholder."
Aon has its roots in a small insurance agency that Mr. Ryan, 70, started in 1964. The agency evolved into Ryan Insurance, a firm focused on a strategy of providing advice, consulting services and distribution of insurance products to the automotive industry.
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