Aon plc (NYSE:AON), a leading global professional services firm providing a broad range of risk, retirement, and health solutions, announced the appointment of James Stavridis as a new member of its Board of Directors, effective August 15, 2024.
The Board's decision to increase its size to 13 members comes ahead of Admiral Stavridis's expected participation in the Company’s 2025 annual general meeting of shareholders. His appointment to the Finance Committee of the Board will also take effect from the same date.
Admiral Stavridis brings a wealth of experience from both his military and academic career, as well as his current role at global investment firm Carlyle, where he has been a partner and Vice Chair of Global Affairs since 2018.
His distinguished military service includes being the 16th Supreme Allied Commander at NATO and commanding the U.S. Southern Command. Post-military, he served as dean of The Fletcher School of Law and Diplomacy at Tufts University.
In addition to his new role at Aon, Admiral Stavridis holds board positions at cybersecurity company Fortinet (NASDAQ:FTNT), Inc., and various private companies and non-profit organizations. He previously served on the boards of American Water (NYSE:AWK) Works Company, Inc., and Neuberger Berman Funds.
Admiral Stavridis's director compensation will align with Aon's current practices for non-management directors, prorated for his start date. The compensation details for non-management directors were disclosed in Aon’s Proxy Statement filed on April 29, 2024.
Aon's adjusted operating income grew by 19%, with margins reaching 27.4%. The company also generated $721 million in free cash flow year-to-date and plans substantial share buybacks of $1 billion or more in 2024. Furthermore, Aon announced the appointment of Edmund Reese as the new CFO.
On the analyst front, Keefe, Bruyette & Woods upgraded Aon's rating from Underperform to Outperform, citing promising early-stage recovery in organic revenue growth. Similarly, Piper Sandler and RBC Capital raised their price targets for Aon, despite the company's earnings falling short of expectations due to higher taxes and other factors.
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