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Dame Inga Beale leads new WTW director appointments

Beale is the former CEO of Lloyd’s of London, a role she held from 2014 to 2018

Willis Towers Watson has announced a series of new appointments to its board of directors led by Dame Inga Beale.

The appointments include Beale, Fumbi Chima, Michael Hammond, and Michelle (Shelly) Swanback.

WTW said three of the four new directors (Beale, Hammond and Swanback) will join the board effective 1 January, 2022, concurrent with the transition to Carl Hess as the new CEO.

It added that Chima will join the board effective 1 April, following her ending another commitment.

Beale is the former CEO of Lloyd’s of London, a role she held from 2014 to 2018. Previously, she was also CEO of Canopius Group Ltd, with its principal operations at Lloyd’s, from 2012 to 2014.

Prior to that, from 2008 through 2011, she was Global chief underwriting officer and head of Mergers and Acquisitions, Organizational Transformation and Internal Consulting for Zurich Insurance Group.

In order to facilitate the director transition process, the firm revealed that Jaymin Patel has decided to step down from the board on 1 January, at the time three of the new directors join the board.

It said Patel had previously been considering transitioning off the board at the end of his term to “spend more time on other commitments” and agreed to accelerate this to coincide with new directors’ joining the board.

In addition, Victor Ganzi has decided not to stand for re-election to the board but will continue to serve as a member of the board and as chair through the end of his current Board term, which runs until the 2022 annual meeting of shareholders.

WTW said he has chosen to do this to facilitate the director transition process and to spend more time on other commitments. The board added that it “thanks Mr. Ganzi and Mr. Patel for their years of dedicated service to the company”.

In addition, in connection with the transition to the new CEO and the addition of new board members on 1 January, 2022, the board will also establish an Operational Transformation Committee.

The OT Committee will make recommendations to the full board regarding the oversight of management’s initiatives to drive operational efficiencies and help oversee the implementation of the company’s operational transformation plan, which aims to achieve $30m or more of run rate cost savings by the end of 2024.

The initial members of the OT Committee will be Beale, Hammond, Swanback and Paul Thomas, an existing member of the board.

Ganzi said: “We are very pleased to have Ms. Beale, Ms. Chima, Mr. Hammond and Ms. Swanback join the board. Collectively, they add to the board a deep and broad base of knowledge and a wide diversity of experience and skills.

“We are confident they will add significant value to the board through their insights into the opportunities and challenges the company is facing as it moves forward with its strategic plan.”

 

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