Plumeri next Willis CEO

LONDON-Willis Group Ltd. has named Joseph J. Plumeri, a former executive of Citigroup Inc., as its new chairman and chief executive officer, replacing John Reeve, who is retiring at the end of his five-year employment contract.

Mr. Plumeri will assume his new post on Oct. 15. Formerly, Mr. Plumeri was chairman and CEO of Travelers Group's Primerica Financial Services division; he also oversaw Citibank's North American branch operations following the 1999 merger of Citibank and Travelers to form Citigroup. Before that, Mr. Plumeri managed the 1993 merger of stockbrokers Smith Barney and Shearson and served as president of the merged company.

Henry Kravis, a founder of Willis shareholder Kohlberg Kravis Roberts & Co., credited Mr. Plumeri with creating "enormous value" at Citigroup. Mr. Kravis cited Mr. Plumeri's "traveling to the offices of his salespeople, listening to them and motivating them at a variety of levels....It is this proven approach that we know will be a key driver of Willis' growth under his leadership."

KKR, backed by a consortium of six insurance company investors, led a management buyout of Willis in 1998.

Mr. Plumeri will have offices at Willis' corporate headquarters in London, in New York, and in the company's North American headquarters in Nashville, Tenn.