Willis Towers to revamp board after pressure from activist investor – WSJ

(Reuters) – Insurance broker Willis Towers Watson (NASDAQ:) PLC is preparing to revamp its board following talks with activist investor Elliott Management Corp, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company is preparing to replace four non-executive directors and Chairman Victor Ganzi, which comprise almost half of its board, the report https:// said.

The report comes months after Willis and Aon (NYSE:) PLC called off a $30 billion merger that would have created the world’s largest insurance broker, topping current leader Marsh & McLennan Companies Inc (NYSE:).

The new directors have operational and turnaround experience in the insurance and insurance brokerage business, the Journal said, adding that three of them will be a part of a new four-member board committee focused on the company’s turnaround effort.

The planned changes are supported by Elliott, according to the people cited in the report.

Willis Towers and Elliott did not immediately respond to Reuters’ requests for comment.

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