NU Online News Service, Dec. 22, 2:31 p.m.EST

Grahame Millwater, the president of Willis Group Holdings, willretire at the end of the year and his responsibilities will besplit between two senior executives.

In an announcement yesterday, Willis says the president ofWillis Group and chairman and chief executive officer of WillisGlobal is retiring from the firm “to pursue other interests.”

Millwater, 48, who has been with the company since 1985, wasnamed president in 2008.

He will remain with the company until Dec. 31, 2012 and serve asa consultant to Willis through 2013. Willis says his consultingsupport will “ensure a smooth transition.”

While he remains employed by Willis in 2012, Millwater “willresign from all directorships and other positions that he holdswith Willis and its subsidiaries with effect at the end of the day”on Dec. 31 of this year, according to a filing with the Securities and ExchangeCommission.

In his position as a consultant, Millwater will receive aconsulting fee of £75,000 ($117,536) a month. Hisconsulting services are exclusive to Willis, but he will be allowedto pursue other business interests outside of working for othermajor brokerage firms.

“My partnership, and friendship, with Grahame began upon myarrival to Willis in 2000 and continues to this day,” says JoePlumeri, chairman and CEO of Willis in a statement. He added thathe has tremendous gratitude for Millwater's 26 years ofservice.

“After spending my entire professional career since leavinguniversity with one company, I have been privileged to work with anextraordinary team of people from around the world and am retiringfrom Willis with many friends,” says Millwater in the samestatement. He says he looks forward to spending time with hisfamily and “considering new opportunities.”

As a result of the change, Willis says that Steve Hearn, CEO ofWillis Re will also serve as chairman and CEO of Willis Global. TimWright, CEO of Willis International, will oversee Willis U.K. andIreland.