Willis Towers Watson CEO Haley to stay until Aon merger completion

Broker Willis Towers Watson has extended chief executive officer (CEO) John Haley's employment agreement for the third time since 2016. He will now stay with the company until the completion of its  business combination with Aon.

Haley's contract, dated March 1, 2016, was first amended on July 18, 2018, followed by May 20, 2019.

WTW has extended the term of the latest employment contract until the later of December 31, 2020 or the “effective date” as defined under the business combination agreement with Aon. However, if the merger effective date does not occur prior to December 31, 2021, the term will expire on such date.

WTW and Aon agreed to merge in an all-stock transaction valued at approximately $80 billion in March 2020.

Haley’s base salary for calendar year 2021 will be $1.2 million and his target annual bonus will be $2.4 million, the same amounts as under the current Employment Agreement for the year 2020. The target annual bonus for 2021 will vest on a pro-rata monthly basis as to one-twelfth (1/12) thereof for each full and partial calendar month of

Haley’s continued employment during 2021 will be subject to achievement of the performance metrics for the full calendar year. The company has agreed to grant Haley performance-based restricted share units (PSUs) on January 1, 2021 with a target value equal to $9.6 million.