Willis Towers Watson PLC on Thursday outlined a bold plan to deliver $10 billion+ in revenues and a 25% margin expansion by 2024 as it unveiled a $300 million cost-saving program and $4 billion in share buybacks.

Incoming president and CEO Carl Hess told analysts Willis will achieve the $300 million cost savings by shoring up its operations centers and shared services capability, revamping its real estate portfolio, and modernizing technology.

Willis is now at “an inflection point,” said current CEO John Haley, who is retiring at year-end, during the brokerage’s investor day presentation Thursday.

“We have gone through the aborted Aon merger. We now have to regroup,” Mr. Haley said.

Willis announced a reorganization of its global leadership ranks across two business segments and three geographic regions just over a week ago.

Recruiting talent is a “huge priority” across the board, Mr. Hess said. The recent appointment of Andrew Krasner as chief financial officer is “one of literally hundreds of people who have rejoined us this year,” Mr. Hess said.

Numerous staff has left Willis since the proposed merger with Aon was announced in March last year.

Willis’ corporate risk and broking business has already hired back 100 staff since the announcement aborting the Aon combination, and expects client retention levels to return to pre-announcement levels and new business to exceed pre-deal levels, Adam Garrard, head of risk and broking, said during the presentation.

Corporate risk and broking’s voluntary attrition rate over the last 12 months was 13.4%, up from 11% in 2020, and is most pronounced in North America, Mr. Garrard said. Its client retention rate in the first half of 2021 dipped to 92% from 94% in the prior year.

A downtick in attrition and uptick in recruitment in the fourth quarter of this year and first quarter of 2022 is expected, Mr. Garrard said. A “well-funded bonus ball” is in place to reward employees who stayed the course, he said.

To achieve its $10 billion-plus revenue target Willis will look for places in its portfolio that offer greatest potential, Mr. Hess said. “We will exploit the portfolio effect by leveraging places our businesses intersect that enable us to differentiate and enjoy premium pricing and /or take market share,” he said.

The $300 million cost-cutting is already underway and is projected to contribute 300 basis points of margin improvement toward the fiscal year 2024 margin target, Willis’ senior leaders said.

Willis is in the market for inorganic opportunities that fill in gaps or take advantage of the scale in its portfolio, but will set a high bar for them, Mr. Hess said.

In terms of market share, Willis’ broking business in North America is “underweight,” Mr. Hess said. “We are going to look for opportunities to grow in both the large and mid-market where it makes sense,” he said.

Willis two weeks ago announced an initial agreement to acquire Israeli-broker Leaderim.

Willis reported $9.29 billion in brokerage revenue in 2020, a 3.9% increase from the prior year, and retained its position as the world’s third-largest brokerage, according to Business Insurance’s latest ranking.

Separately, insurtech Innovisk Capital Partners LLP said Thursday that private equity firms BHMS Investments LP and Abry Partners II LLC have agreed to acquire a majority stake in the business from Willis.

Established in 2017, Innovisk seeds and develops managing general agencies. The deal is expected to be completed in the fourth quarter.