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Baljit Dail is leaving Aon Corp. as co-CEO of its Aon Hewitt consulting arm.
Mr. Dail, who joined Aon in 2005 from McKinsey & Co., has run Aon Hewitt together with Kristi Savacool since May 2011, when Aon Hewitt CEO Russ Fradin left to become CEO of software and information technology services company SunGard.
Mr. Dail leaves on March 31.
Ms. Savacool, who came to Aon from Lincolnshire, Ill.-based Hewitt Associates Inc., which Aon purchased in late 2010, now will become the sole CEO of Aon Hewitt, Aon disclosed in a Securities and Exchange Commission filing Tuesday.
Mr. Dail entered into a separation agreement that entitles him to a cash payment of $1 million and vesting of various stock options and rewards available under the “termination without cause” provisions of Aon's stock plans.
Mr. Dail waived some stock awards and annual cash payments covering performance in 2011 and 2012, the company said.
“Mr. Dail is leaving the company to focus on his health and work-life balance,” Aon said in the filing.
Steve Daniels is a reporter for Crain's Chicago Business, a sister publication of Business Insurance.