Willis chief executive Joe Plumeri soothes analyst concerns

Joe Plumeri Willis

Willis chief executive Joe Plumeri has downplayed the shock exit of UK and Ireland chief executive Brendan McManus and International chief David Margrett.

Asked by analysts today to elaborate on the exits, Plumeri said: “It was simply a couple of people who left the company and we go forward from there. It wasn’t related to anything you are going to read about.”

McManus and Margrett departures closely follow a £6.9m FSA fine imposed on Willis Limited for failings in its anti-bribery systems and controls between January 2005 and December 2009. It is not clear whether the departures relate to the fine.

Willis revealed today that fees and commissions for UK and Ireland were ‘slightly down’ in the third quarter compared to the same period last year. Reported net income for the third quarter of 2011 was $60m compared with $64m in the same period a year ago.