Willis Group Holdings Plc, the third-largest insurance broker, said Joe Plumeri will step down after 12 years as chief executive officer to be replaced McKinsey & Co.'s Dominic Casserley.

Casserley, 54, will succeed Plumeri on Jan. 7, the London-based broker said in a statement today. Plumeri, 69, will remain as non-executive chairman until the end of July, the firm said.

Plumeri, who became CEO in 2000 when KKR & Co. owned the company, took the firm public the following year. Since then, he expanded the company overseas, bought Hilb Rogal & Hobbs in 2008, and moved Willis's corporate headquarters to London. The firm earns fees for arranging insurance policies for clients.

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