Posted on 13 Sep 2010
Aon Corporation today announced that in connection with the proposed merger of Hewitt Associates with Aon Corporation, Aon and Russell P. Fradin, Hewitt's current Chief Executive Officer, have agreed on the key financial terms of a five-year employment agreement that, when completed, will be contingent and will become effective upon consummation of the merger.
Fradin will serve as Chairman and Chief Executive Officer of Aon Hewitt reporting to Greg Case, President and Chief Executive Officer of Aon. The term of the employment agreement will be for five years from closing of the merger. He has agreed to take a substantial portion of his change in control compensation in Aon restricted stock units that will be distributed only when he ceases to be employed by Aon. Fradin has also agreed to retain all future granted equity compensation awards (net of any amounts necessary to pay taxes and exercise prices) until he ceases to be employed by Aon.
Fradin commented "it is a privilege for me to join the executive team at Aon and I am extremely excited to lead Aon Hewitt. We have already made significant progress as integration planning is well underway and my senior leadership team is fully in place."
The following leaders will join the Aon Hewitt leadership team:
* Baljit Dail will become CEO of the Consulting business. He is currently the CEO of Aon Consulting and COO of Aon Benfield;
* Kristi Savacool will become CEO of the Benefits Administration business. She is currently Senior VP of Large Market Benefits Outsourcing for Hewitt;
* Jim Konieczny will become CEO of the HR Business Process Outsourcing (BPO) business. He is currently President of HR BPO for Hewitt;
* Greg Besio is leading the overall Aon Hewitt integration. He is currently Aon's Chief Administrative Officer;
* Scott Ordway will become the CFO of Aon Hewitt. He is currently VP of Finance and Operations for Aon;
* David Baruch will become the CIO of Aon Hewitt. He is currently the CIO of Hewitt;
* Neela Seenandan will become Global Head of HR for Aon Hewitt. She is currently Global Head of HR for Aon Benfield;
* Mark Sproat will become Chief Counsel-Aon Hewitt. He is currently the Associate General Counsel for Hewitt Outsourcing.
"We are thrilled that Aon over the long-term will benefit from Russ's strong leadership," commented Case. "I look forward to working with Russ and his senior leadership team as Aon Hewitt strengthens its position as a global leader in human capital solutions."
Aon Corporation is a leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 36,000 colleagues worldwide, Aon delivers distinctive client valu