– Willis Towers Watson PLC, which has been under pressure from activist investor Elliott Management, appointed four new directors on Thursday as it looks to turn around its business following a botched merger with rival Aon Plc.
The company also said Chairman Victor Ganzi would not stand for re-election at the annual shareholder meeting in 2022 after his current term expires.
The announcement comes months after Willis and Aon PLC called off a $30 billion merger that would have created the world’s largest insurance broker, topping current leader Marsh & McLennan Companies Inc.
Three of the incoming directors will be a part of a new four-member board committee called the Operational Transformation Committee, which will be focused on the company’s turnaround effort.
The planned changes, first reported by the Wall Street Journal, are also supported by activist investor Elliott Management Corp, according to the statement.