The company, which will do business as Willis Towers Watson, is a leading global advisory, broking, and solutions company with 39,000 employees in more than 120 countries.
“Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients. We intend to help our clients manage risk and engage their people in a whole new way,” said John Haley, CEO of Willis Towers Watson. “We believe we can change our industry by delivering solutions that are driven by data and analytics, and are integrated, innovative and tailored to meet the evolving needs of our clients.”
The company advises clients across four business segments: Corporate Risk and Broking; Exchange Solutions; Human Capital and Benefits; and Investment, Risk and Reinsurance. Willis Towers Watson currently serves 80% of the world’s 1,000 largest companies along with many mid-market and smaller businesses around the world.
“Our focus now is on realizing the full potential of this powerful combination for our clients, our people and our investors,” said Dominic Casserley, Willis Towers Watson President and Deputy CEO. “These are two companies with world-class brands, shared values and now, a vastly expanded set of capabilities, people and geographic reach. Together, we can continue to provide the services and solutions our clients have been used to receiving from us, and also create new offerings that they cannot find elsewhere.”
Value Creation Potential
As previously disclosed, Willis Towers Watson expects to generate $4.7 billion in incremental value for shareholders, made up of $375 million to $675 million in incremental revenues through, among other things, expanded distribution of Towers Watson’s health care exchange, expansion of Willis’ large-market P&C brokerage business and further globalization of Towers Watson’s Health and Group Benefits consulting business. Also expected is $100 million to $125 million in annual merger-related cost savings and approximately $75 million in annual tax savings.
Board of Directors
The Board of Directors of Willis Towers Watson consists of 12 members — six directors formerly on the Willis board and six formerly on the Towers Watson board. James McCann, previously Chairman of Willis, is Chairman of the Willis Towers Watson Board. John Haley, previously Chairman and Chief Executive Officer of Towers Watson, and Dominic Casserley, previously Chief Executive Officer of Willis, are also members of the Board of Willis Towers Watson. In addition to Messrs. McCann, Haley and Casserley, the Board is comprised of the following seasoned individuals, who bring diverse perspectives and expertise, and a track record of good governance practices for Willis Towers Watson shareholders:
Anna Catalano
Victor Ganzi
Wendy Lane
Brendan O’Neill
Jaymin Patel
Linda Rabbitt
Paul Thomas
Jeffrey Ubben
Wilhelm Zeller
Executive Officers
The company’s executive leadership team, as previously announced, includes senior management from both Willis and Towers Watson. Along with Messrs. Haley and Casserley, it is comprised of the following individuals:
Nicolas Aubert, Head of Great Britain
Anne Donovan Bodnar, Head of Human Resources
James K. Foreman, Head of Exchange Solutions
Matthew S. Furman, General Counsel
Adam Garrard, Head of International
Julie J. Gebauer, Head of Human Capital and Benefits
Carl Hess, Co-Head of North America
Todd Jones, Co-Head of North America
Roger Millay, Chief Financial Officer
Paul Morris, Head of Western Europe
David Shalders, Head of Operations and Technology
Timothy D. Wright, Head of Corporate Risk and Broking
Merger Close
Willis and Towers Watson completed their merger on January 4, 2016, and shares of Willis and Towers Watson ceased trading at the close of the New York Stock Exchange and NASDAQ Stock Market, respectively, that day. From today, the ordinary shares of Willis Towers Watson will trade on the NASDAQ Stock Exchange under the symbol “WLTW.”
In conjunction with positioning to complete the merger, in Towers Watson’s quarter ended December 31, 2015, Towers Watson repatriated approximately $465 million of cash to the United States and transferred intellectual-property-related software from the U.S. to the U.K. These actions will incur a tax charge of approximately $66 million and will not impact Towers Watson’s adjusted net income.
Contacts
Willis Towers Watson
Media
Miles Russell, +44 (0) 2031 247 446
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or
Josh Wozman, +1 703-258-7670
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or
Bruce Dunbar, +1 212-886-9340
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or
James Knowles, +44 (0) 2071 868 883
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or
Investors
Aida Sukys, +1 703-258-8033
[email protected]
