Willis Towers Watson gives pay raise to chief executive-in-waiting

Broker  Willis Towers Watson’s chief executive-in-waiting who will succeed John Haley upon his retirement on 1 January 2022 has been given a pay raise.

Carl Hess (pictured) was unanimously selected as next president and CEO of Willis Towers Watson earlier last month. He is currently the group’s head of investment, risk and reinsurance, and took on the president role on August 16.

On September 20, the compensation committee of the board of directors of WTW approved changes in compensation for Hess in connection with his promotion as president, according to a US Securities and Exchange (SEC) filing.

His new annual base salary would be $1,000,000, effective as of September 1. Additionally, he will receive a target short-term incentive bonus of 175 percent of his base salary.

Hess has worked for Willis Towers Watson in its various guises since 1989. He spent more than 20 years in a variety of roles at Watson Wyatt before its 2010 merger with Towers Perrin. At the resultant company, Towers Watson, Hess was managing director of its investment business. Prior to his current role, he was co-leader of Willis Towers Watson’s North American business.

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