Willis loses senior figure as Colraine steps down
Willis Group Holdings Limited is to lose a member of its senior management as the broker confirmed that Tom Colraine is to leave the firm after 18 years.
Colraine, who will step down at the end of the year, currently holds the position of vice chairman and co-chief operating officer, and has played a fundamental part in the rise of the company in recent years.
He was CFO through the 1999 leveraged buy-out of the company by Kohlberg Kravis Roberts and the subsequent move to go public again two years later.
The company also announced that Grahame Millwater, seen by some as heir apparent to chairman and CEO Joe Plumeri, has been appointed chief operating officer of the group.
The role will see Millwater work alongside Plumeri “on all aspects of the day-to-day management of the company”, said Willis. Millwater also continues in his position as chairman of Willis Re.
Plumeri praised Colraine’s contribution to the broker’s growth, which he described as “nothing short of extraordinary”.
“His experience and perspective have been invaluable to the entire company and to me personally as we have gone through a great many situations and have instituted significant changes,” he said.
“In Grahame Millwater, we have a multi-faceted chief operating officer who is rich in industry experience and understands what it means to run the company in the best interests of the shareholder while delivering first rate client service,” Plumeri added.
Millwater has been at the forefront of the broker’s recent moves to improve operational efficiencies.
As part of the reshuffle, Willis said that Richard Bucknall, currently chairman of Willis Limited, will step into Colraine’s place as CEO of Willis Limited, as well as remaining vice chairman of the group.
The firm also said that CFO Pat Regan will take on a number of responsibilities from Colraine, including overseeing its real estate unit as the company continues the construction of its new London headquarters.