NU Online News Service, June 23, 12:50 p.m. EDT
Michael K. Neborak was named group chief financial officer and executive vice president of insurance broker Willis Group Holdings, replacing Stephen E. Wood, the company's interim CFO.
Mr. Wood will remain as group controller.
In making the announcement today, Willis said Mr. Neborak, 53, will join the company on July 6 and report to Joe Plumeri, chairman and chief executive officer.
Mr. Neborak will serve as a member of Willis' executive committee.
He will be based in New York and also work out of the firm's executive offices in London.
Mr. Neborak joins Willis from MSCI Inc., a provider of investment decision-support tools for institutional investors, where he was CFO and part of the senior management team that took the company public in 2007.
Prior to joining MSCI, Mr. Neborak worked for Citigroup and its predecessors from 1982 to 2006, most recently as divisional CFO for the Global Operations and Technology Group and the Alternative Investments Group. From 1982 to 2000, he held senior positions in the investment banking group at Salomon Smith Barney, focusing on insurance and the broader financial services sector. He began his career as an accountant with Arthur Andersen & Co.
Mr. Neborak will be responsible for all of Willis' global finance functions, including corporate accounting and reporting, financial planning and analysis, tax, treasury and investor relations.
"Mike is an outstanding CFO with broad experience in the financial services sector," said Mr. Plumeri in a statement. "He brings great skill and deep background to our senior management team and joins Willis at an important moment in our company's history."
According to a filing with the Securities and Exchange Commission, Mr. Neborak will receive a base salary of $500,000 and participate in the company's incentive plans with total values of more than $1 million.
This story was updated with Mr. Neborak's age on June 24, 11:09 a.m. EDT
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