Willis Towers Watson has outlined a new strategy which will aim at driving long-term growth and value creation for shareholders.
These drivers include growing its revenues to more than $10bn (£7.2bn) by delivering growth in the mid-single digit range or greater, with reinvestment in “differentiated solutions and scalable innovation”, while continuing to capture market share.
The group will also aim to simplify the business to increase “agility and effectiveness” and streamline its operational structure, develop a globally consistent client model and enhance growth operations to improve sales and retention outcomes.
In addition through the new measure the group will aim at generating higher free cash flow conversion to deliver $5-6bn (£3.6bn – £4.3bn) in free cash flow which when combined with the after-tax proceeds will give the company $10-11bn (£7.2bn – £7.9bn) of available cash by 2024 to help drive shareholder value.
Carl Hess, president and future CEO, said: “The central priorities of our strategy – grow, simplify and transform – build upon our core strengths, with a focus on driving sustainable revenue growth, improved operating margins and higher free cash flow conversion.
“We are committed to a disciplined capital allocation policy, beginning with a plan to return $4bn (£2.8bn) to shareholders through share buybacks by fiscal year-end 2022. We have a world-class team and are energised and focused as we execute our strategy to capture the significant opportunities ahead.”