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Willis Towers to revamp board after pressure from activist investor

by Mike Robinson

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© Reuters. FILE PHOTO – The Franklin Street entrance of the new Willis Tower can be seen in Chicago (IL) July 16, 2009. REUTERS/Frank Polich

(Reuters) – Willis Towers Watson, an insurance broker (NASDAQ:) PLC, is preparing to restructure its board in response to Elliott Management Corp’s intervention, according the Wall Street Journal, citing sources familiar with the matter.

According to the https:// report, company officials are preparing for replacement of four non-executive directors as well as Chairman Victor Ganzi. These two figures make up almost half of the board.

The report comes months after Willis and Aon (NYSE:) PLC called off a $30 billion merger that would have created the world’s largest insurance broker, topping current leader Marsh & McLennan Companies Inc (NYSE:).

Journal reported that the new directors are experienced in operational and turnaround work within the insurance and brokerage industry. Three of them will also be part of the new board of four members, which is focused on the company’s recovery efforts.

Elliott is believed to be supportive of the proposed changes, as stated by the individuals cited in this report.

Elliott and Willis Towers did not respond immediately to Reuters’ request for comment.

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