Willis Group Holdings Plc, the third-largest insurance broker, said Joe Plumeri will step down after 12 years as chief executive officer to be replaced McKinsey & Co.’s Dominic Casserley.
Casserley, 54, will succeed Plumeri on Jan. 7, the London-based broker said in a statement today. Plumeri, 69, will remain as non-executive chairman until the end of July, the firm said.
Plumeri, who became CEO in 2000 when KKR & Co. owned the company, took the firm public the following year. Since then, he expanded the company overseas, bought Hilb Rogal & Hobbs in 2008, and moved Willis’s corporate headquarters to London. The firm earns fees for arranging insurance policies for clients.
Casserley, a graduate of Britain’s Cambridge University, joined McKinsey in 1983. He led the consultant’s operations in China, as well as the U.K. and Ireland and has spent 12 years in the U.S., a further 12 in Europe and five in Asia. He will be based in Willis’s New York office following a transition period next year, the firm said.