Willis Towers to Revamp Board Following Activist Pressure

Wall Street Journal2021-11-18

Willis Towers Watson PLC is preparing to replace almost half of its board including the chairman, according to people familiar with the matter—the insurance broker’s latest effort to remake itself ...

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AaronNg
2021-11-18
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The insurance brokerage giant’s board is composed of eight nonexecutive directors and its chief executive.\nMr. Ganzi has been on the board since 2016, and served as chairman since 2019.\nThe names of the incoming and departing directors couldn’t be learned. The new directors have operational and turnaround experience in the insurance and insurance brokerage business, the people said.\nThree of the new board members will also be part of a new four-member board committee focused on Willis Towers’ turnaround effort, the people said. The changes could be announced later Thursday.\nElliott, a Willis Towers’ shareholder, supports the planned board changes, according to the people.\nWith a market value of close to $30 billion, Willis Towers is among the world’s largest firms that help companies buy insurance and advise them on risk management.In March 2020 it agreed to a $30 billion mergerwith rival Aon PLC  to generate cost savings and boost revenue.Antitrust opposition from the Justice Department prompted the companies to scrap the deal in July.\nIn September, The Wall Street Journal reported that activist investors including Elliot and Starboard Value LP hadtaken stakes in Willis Towers. 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