Dennis Mahoney, chairman and chief executive officer of the United Kingdom division of Chicago-based insurance broker Aon Corp., had his employment contract extended to 2015.
A company spokesman said that traditionally, insurance industry CEOs in the United Kingdom retire at 60. The contract extension formalizes his commitment to remain with Aon UK until the age of 65.
Greg Case, Aon Corporation's CEO, said the agreement with Mr. Mahoney "underlines our firm's strength of purpose in continuing to lead in this area and drive further improvements in our UK business."
He noted that Mr. Mahoney's contribution to the insurance industry was recently recognized at the British Insurance Awards where he received the Achievement Award, adding, "I would like to congratulate him on this well-deserved honor."
Mr. Mahoney received a base salary of $1.2 million for 2005.
In another announcement, Aon Consulting said it named Bharat Kannan regional director of Asia. He was transferred from the firm's Chicago headquarters to Hong Kong.
The brokerage said Mr. Kannan will lead strategy development and portfolio management for the region's human capital consulting business and focus on enhancing the value of the existing employee benefits consulting business.
Mr. Kannan, Aon said, will also be responsible for introducing new local service offerings to meet the increased needs of employers to attract and retain quality employees.
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