In a surprise move, Dominic Casserley has been appointed as Joe Plumeri’s successor as CEO of Willis.
Casserley will serve as the group CEO starting 7 January 2013. Previously at McKinsey & Company as a senior partner, Casserley’s appointment came as unexpected for some analysts, due to his 29 years work outside of the insurance-brokerage industry.
Steve Hearn, currently the chairman and CEO of Willis Global, has been appointed to serve as deputy CEO of Willis Group.
Plumeri was famous for taking down his office door to emphasize the company policy of transparency, and oversaw Willis’ market cap doubling during his first 8 years at the brokerage.
However, recent figures have not been as kind, with the firm reporting $26 million in net income for the three months ending 30 September 2012, down from $60 million seen in the previous year.
The group attributed the figure to a fall in overall commissions and fees, alongside a number of one-off benefits reported in the Q3 results last year.
“I am proud beyond words of our company’s achievements seizing on opportunities and confronting challenges spanning a dozen years,” said Plumeri.
“But I’m equally excited about the path ahead for Willis under the leadership of Dominic Casserley and Steve Hearn, and our outstanding team of leaders, and the 17,000 associates around the world.”
Casserley, now based in London, will move to Willis’ office in New York City after a transition period in 2013.
