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Willis appoints four new directors; chairman to leave next year



(Reuters) – Willis Towers Watson PLC, which has been under pressure from activist investor Elliott Management, appointed four new board members on Thursday as it looks set to turn its business around after a failed merger with rival Aon PLC.

None. Beale, former CEO of Lloyd & # 39 ;s of London, is one of the newly appointed directors, said the insurance broker, adding that industry veterans Fumbi Chima, Michael Hammond and Michelle Swanback also join the board.

The company also said that chairman Victor Ganzi would not stand for re-election at the 2022 Annual General Meeting after the expiration of his current term.

The announcement comes months after Willis and Aon PLC suspended a $ 30 billion merger that would have created the world's largest insurance broker, topping current leaders Marsh & McLennan Cos. Inc.

Three of the incoming board members will be part of a new four-member board committee called the Operational Transformatio n Committee, which will focus on the company's turnaround efforts. Beale, Mr. Hammond and Ms. Swanback will be on the board from January 1

next year, while Chima will take up his role on April 1, the company said. Willis said Jaymin Patel, a current board member who has held the role since 2013, would resign on January 1.

The planned changes, first reported by the Wall Street Journal, are also supported by activist investor Elliott Management Corp., according to the statement.

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