Insurance brokerage Willis Group Holdings said it has extended the employment agreement of Chairman and Chief Executive Officer Joseph J. Plumeri until 2011.
His original agreement was set to expire on Oct. 15, 2009. It will now extend through April 2011.
The company said that extending the contract ensures Mr. Plumeri will oversee the completion of the firm's restructuring, which includes specific financial targets through 2010.
"I am as passionate about Willis today as the day I started," said Mr. Plumeri in a statement.
He added that he is looking forward to building "the greatest insurance brokerage in the world. Each of my partners brings tremendous expertise and commitment to Willis. I am confident that the management team we have in place is by far the best in the industry."
The firm also announced the creation of several new roles and appointments.
Grahame Millwater, chief operating officer, was promoted to president of Willis Group Holdings. He has been with Willis for 23 years.
In his new position he will specifically focus on developing global businesses, Willis' Global Marketing, relationships with underwriting markets and supporting Willis Re, Willis' global reinsurance unit. He will also work closely with Mr. Plumeri in all other aspects of client development and the company's restructuring, the brokerage said.
To allow Mr. Millwater to focus on his new duties, Willis said it is creating two group chief operating officer positions, each with specific responsibilities. One will focus on operations, and the other on finance and administration.
Tim Wright was named group chief operating officer, effective this September. He will assume responsibility for the day-to-day execution of the firm's restructuring initiatives and will also oversee the group's operational processes, service centers and information technology.
Mr. Wright is currently head of U.K. Financial Services at Bain & Company. Willis said he has more than 20 years of international experience in the insurance and financial services industries.
Patrick Regan, currently chief financial officer, was also named group chief operating officer, overseeing all the company's finance and administrative activities. This additional role, Willis said, reflects Mr. Regan's contributions since he joined as CFO in 2006, and his increasingly wider responsibilities. These include risk management, global real estate, capital markets, and accounting and settlement.
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