Aon and Russell Fradin, Hewitt's current CEO, have agreed on the key financial terms of a five-year employment agreement, in connection with the proposed merger of Hewitt Associates with Aon.
Under the terms of agreement, Fradin, will serve as chairman and CEO to Aon Hewitt and will report to Greg Case, president and CEO of Aon.
Fradin has agreed to take a substantial portion of his change in control compensation in Aon restricted stock units that will be distributed only when he ceases to be employed by Aon.
Fradin has also agreed to retain all future granted equity compensation awards (net of any amounts necessary to pay taxes and exercise prices) until he ceases to be employed by Aon.
Fradin said that it is a privilege to join the executive team at Aon and he is excited to lead Aon Hewitt, and the company has already made progress as integration planning is well underway.
In addition, several leaders will also join the Aon Hewitt leadership team including Baljit Dail, Kristi Savacool, Jim Konieczny, Greg Besio, Scott Ordway, David Baruch, Neela Seenandan, and Mark Sproat.