Insurance broker Willis Towers Watson chose Carl Hess as the company’s new president and next chief executive officer.

Hess, who currently serves as Willis Towers Watson’s head of Investment, Risk and Reinsurance business segment, will immediately assume the role of president and will succeed John Haley as CEO when he retires at the end of the year. Hess was chosen by unanimous board vote.

Hess began his career at the company in 1989 and has held diverse leadership positions spanning business segment and geography roles. Prior to his current role, Hess served as co-leader of North America at Willis Towers Watson, and before that, as managing director, the Americas, of Towers Watson.

He served as the managing director of Towers Watson’s Investment business since January 2010 and also worked in a variety of roles for over 20 years at Watson Wyatt, lastly as global practice director of Watson Wyatt’s Investment business. Hess is a fellow of the Society of Actuaries and the Conference of Consulting Actuaries, and a Chartered Enterprise risk analyst. He has a Bachelor of Arts degree cum laude in logic and language from Yale University.

“Following a thorough, multi-year succession planning process, including input from a third-party consultant to assess the experience and attributes of potential internal and external candidates, the board is confident Carl is the right person to guide the company forward,” Board Chairman Victor Ganzi said in prepared remarks.

Haley, in prepared remarks, said Hess various leadership roles has been crucial in helping Willis Towers Watson evolve and grow.

“I’m confident that with his leadership, Willis Towers Watson will continue to offer a compelling colleague experience, innovate and adapt to address client needs, deliver significant value for our shareholders and better the communities in which we live and work,” Haley said.

Hess, also in prepared remarks, said he looked forward to working with Haley over the next several months to ensure a smooth transition.

Source: Willis Towers Watson

*A version of this story ran previously in our sister publication Insurance Journal.