Willis to pay departing senior executives $2.1m to stay until Aon deal

Broker Willis Towers Watson (WTW) has agreed to pay a retention bonus of $2.145 million to four departing senior executives for staying with the business until its combination with Aon.

Under the retention agreement, the company's chief financial officer Michael Burwell, head of benefits delivery and administration Gene Wickes, head of investment, risk and reinsurance Carl Hess, and head of the Americas Joseph Gunn will each receive a cash amount of up to $750,000, $487,500, $487,500, and $420,000, respectively.

The amount will be based on the number of whole and partial months the executive is employed with the company from January 1, 2021 through the date of the closing of the business combination.

WTW stated that the payment of cash awards to the executives upon successful completion of their duties is in order to "further incentivise their continued employment to assist with the company’s continuing business through the anticipated closing of the combination of the company and Aon".

If the company terminates the executive’s employment without cause prior to the closing of the deal, the executive will be entitled to receive the cash award that was eligible to be earned under the retention agreement, subject to potential reduction depending on the number of whole and partial months the Executive is employed through the termination date.

If the executive resigns for any reason, or his employment is terminated for cause, the executive will not be eligible to receive any portion of the cash award.

Aon and Willis Towers Watson have recently revealed their new leadership structure that will be put in place following the completion of their $30 billion deal that will create the world’s biggest insurance broker. The new leadership team will serve under chief executive officer (CEO) Greg Case and chief financial officer (CFO) Christa Davies.

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