AaronNg
2021-11-18
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Willis Towers to Revamp Board Following Activist Pressure
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The insurance brokerage giant’s board is composed of eight nonexecutive directors and its chief executive.</p>\n<p>Mr. Ganzi has been on the board since 2016, and served as chairman since 2019.</p>\n<p>The 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.</p>\n<p>Three 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.</p>\n<p>Elliott, a Willis Towers’ shareholder, supports the planned board changes, according to the people.</p>\n<p>With 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.</p>\n<p>In September, The Wall Street Journal reported that activist investors including Elliot and Starboard Value LP hadtaken stakes in Willis Towers. The presence of those shareholders underscored the pressure on Willis Towers as a stand-alone company.</p>\n<p>In addition to the board changes, the company announced in August that longtime company insider Carl Hess will take over as chief executive in January.</p>\n<p>Willis Towers’ turnaround plan is focused on buying back stock, cutting costs and boosting revenue. The company has said it aims to buy back more than $4 billion worth of stock by the end of next year. Its shares are down 15% from their high in May.</p>\n<p>The Ireland-based, U.S.-listed company is set to earn as much as $4 billion from a deal in August to sell its reinsurance business toArthur J. Gallagher& Co.</p>\n<p>Willis Towers is also aiming to slash costs by $300 million over the next three years and boost revenue to more than $10 billion by the end of 2024, from $9.35 billion in 2020.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Willis Towers to Revamp Board Following Activist Pressure</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWillis Towers to Revamp Board Following Activist Pressure\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-18 21:10 GMT+8 <a href=https://www.wsj.com/articles/willis-towers-to-revamp-board-following-activist-pressure-11637240400?siteid=yhoof2><strong>Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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 ...</p>\n\n<a href=\"https://www.wsj.com/articles/willis-towers-to-revamp-board-following-activist-pressure-11637240400?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/willis-towers-to-revamp-board-following-activist-pressure-11637240400?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182830578","content_text":"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 followingthe collapse of a merger with a major rival.\nFollowing talks with activist investor Elliott Management Corp., Willis Towers plans to replace four of its nonexecutive directors, including Chairman Victor Ganzi, with four new members, according to the people. 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. The presence of those shareholders underscored the pressure on Willis Towers as a stand-alone company.\nIn addition to the board changes, the company announced in August that longtime company insider Carl Hess will take over as chief executive in January.\nWillis Towers’ turnaround plan is focused on buying back stock, cutting costs and boosting revenue. The company has said it aims to buy back more than $4 billion worth of stock by the end of next year. Its shares are down 15% from their high in May.\nThe Ireland-based, U.S.-listed company is set to earn as much as $4 billion from a deal in August to sell its reinsurance business toArthur J. Gallagher& Co.\nWillis Towers is also aiming to slash costs by $300 million over the next three years and boost revenue to more than $10 billion by the end of 2024, from $9.35 billion in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":782,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/876093697"}
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