Martin Sullivan, deputy chairman of Willis Group Holdings plc since 2010, is leaving the firm this May, the company said.Sullivan, who is also chairman and chief executive officer of the Willis Global Solutions unit, is leaving to pursue other interests. His position will not be filled, a spokeswoman for the company said.
After his departure, Willis Groups corporate governance will be streamlined to include the CEO, deputy CEO and nonexecutive chairman, supported by the Willis Group operating committee, the company said.
Martin joined Willis as our deputy chairman at a time when we were determined to establish a deeper penetration among the worlds largest accounts, Willis Group CEO Dominic Casserley said in a statement. Casserly took the helm in January from Joseph Plumeri.
Deputy CEO Steve Hearn, in his role as CEO of Willis Global, will lead the Global Solutions unit, building on the many accomplishments that the unit has achieved since its launch in 2010.
Willis tapped Sullivan, the former CEO of American International Group, to be deputy chairman and lead the then-newly created Willis Group unit in 2010.
AIG replaced Sullivan in June 2008, three months before the United States government bailed out the insurer. Sullivan had taken over as CEO of AIG in March 2005 after Maurice "Hank" Greenberg was forced to resign following the revelation of accounting irregularities.
Willis Group recently posted a fourth-quarter net loss of $804 million as the company posted $492 million in goodwill charges related to its North America operations, and other charges related to a change in employee compensation. Also, the company announced plans to cut about 200 positions in the first quarter and as a result, expects to post a first-quarter pretax charge of $35 million to $45 million.
Willis is the third-largest global broker ranked by 2011 total revenues, according to Best's Review, with $3.4 billion in total revenues.