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NEW YORK--Willis Group Holdings Ltd. has cut the final tie to its former parent, Kohlberg Kravis Roberts & Co.
Perry Golkin, the last remaining KKR executive on Willis' board of directors, will not seek re-election at its upcoming annual meeting, the London-based insurance brokerage said late Friday.
At one time, five of Willis' 10 directors were members of KKR, which acquired the brokerage in 1998, taking a 74.3% stake in the firm. KKR sold its remaining shares in Willis in November 2005.
Mr. Golkin has served on Willis' board since 2001, following Willis' initial public offering, which raised $270 million.
Willis' board now comprises 11 members, 10 of whom are independent, Willis said. Joe Plumeri, Willis' chairman and chief executive officer, is the only inside director.