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Aon Hewitt CEO Kristi Savacool will be leaving the benefits consultant at the end of the year, following Aon P.L.C.’s decision earlier this year to sell its benefits outsourcing unit to Blackstone Group L.P. for $4.8 billion.
Under a separation agreement, in addition to her salary, Ms. Savacool will receive a $3 million cash payment plus a performance-related payment of up to a further $3 million, Aon disclosed in a regulatory filing on Friday.
“At the completion of the divestiture of Aon's outsourcing assets to Blackstone, Kristi Savacool is moving into a new role as special adviser to Aon President and CEO Greg Case,” Aon said Monday in a statement. “For the remainder of 2017, Kristi will lead Aon’s efforts to successfully transition our joint clients and advise on strategic initiatives across Aon.”
Prior to being named CEO of Aon Hewitt, she was CEO of benefits administration at Aon Hewitt, which was formed after Aon purchased Lincolnshire, Illinois-based Hewitt Associates Inc. in 2010.
Prior to joining Hewitt in 2005, Ms. Savacool spent 25 years in various roles at Boeing Co.
Ms. Savacool was named one the 2011 Business Insurance Women to Watch.
Aon P.L.C. will sell its benefits outsourcing business to private equity firm Blackstone Group L.P. for about $4.8 billion in a deal that offloads a significant portion of the benefits business the brokerage acquired with its 2010 purchase of Hewitt Associates Inc., the firms announced on Friday.