Willis Extends Plumeri's Contract

Willis Group Holdings Limited said it has extended the contract of Joseph J. Plumeri, the brokerage's chief executive, to Oct. 15, 2009.

"For more than six years, Joe Plumeri and his team have instilled passion, discipline and a common sense of purpose throughout Willis," the board of directors said in a statement.

The statement noted the "outstanding earnings and share price performance of the group," and said it is pleased Mr. Plumeri agreed to extend his contract and continue to lead the firm.

"I am proud to be associated with Willis, and I am as passionate today about the company as I was on the day I started," Mr. Plumeri said.

He added that his commitment "to the company, my colleagues, our clients and our shareholders is unwavering. There is still a lot of work to be done in order to achieve our goals and I am excited about leading our team into the future."

During an analyst's conference call last month to discuss the firm's fourth-quarter results, Mr. Plumeri, 63, mentioned that he had no plans to retire.

"I don't look at contracts. Contracts to me are meaningless. I look at the passion I feel in my heart," he said. "I get a kick out of people who tell me that they are going to retire in two years or five years, and I ask them if they love what they do and they say, 'Yeah.' Then I say, 'If you love what you do how can you predict when your heart runs out?'"