Willis Announces Several Senior Leadership Changes

Willis Group Holdings Limited named Grahame Millwater as chief operating officer of the Group.

Millwater has been with Willis for 21 years and has served in several capacities. Over the past few months, Millwater has had a leadership role focusing on our Shaping Our Future initiatives intended to enhance Willis’ revenue growth as well as increase operational efficiencies. In this new role, Millwater will be working closely with Joe Plumeri, chairman and CEO on all aspects of the day-to-day management of the company. Millwater remains chairman of Willis Re, as Peter Hearn was appointed the global CEO of the unit earlier this year.

Concurrently, the company announced that after 18 years of distinguished service with Willis, Tom Colraine has decided to leave the Group at the end of this year. Colraine has served in a number of finance positions, most recently as vice chairman and co-chief operating officer and served as chief financial officer through Kohlberg Kravis Roberts’ leveraged buyout and on into Willis’ return to the public market.

“Tom Colraine’s contribution to this Company is nothing short of extraordinary,” said Plumeri. “You hear, from time to time, about people who exhibit tireless dedication, unwavering loyalty and a passion that knows no bounds. I was fortunate to find one such person in Tom when I arrived at Willis and it has been an honor to work with him, side by side, for the last six years. His experience and perspective have been invaluable to the entire Company and to me personally as we have gone through a great many situations and have instituted significant changes. Everyone at Willis owes him a debt of gratitude for his far-reaching impact; we thank him collectively and personally – and wish him every success and happiness in all his future endeavors.”

Richard Bucknall, in addition to his current role as chairman of Willis Limited, will replace Colraine as CEO. As the insurance industry comes under increasing regulation, this role is critical in maintaining a strong relationship with the UK Financial Services Authority. Bucknall will remain vice chairman of the Group, focusing on the company’s marketing efforts around the world. This includes driving the Willis Quality Index. Bucknall will also continue to focus on enhancing the relationship Willis has with large, global accounts whose insurance and risk management needs are increasing complex.

Pat Regan, who joined Willis as the chief financial officer in November 2005, will be taking on expanded responsibilities with Colraine’s departure. He will oversee the Real Estate unit. He will also take up oversight of Mergers and Acquisitions. Regan will also manage Risk Management and Investor Relations and will report directly to Plumeri.

Source: Willis Group Holdings Limited