8-KLeadership Changes

Aon plc 8-K Report, Executive Changes (Aug 9, 2022)

Filed August 9, 2022For Securities:AON

Summary

Aon plc announced significant changes to its senior leadership team, specifically concerning the Chief Operating Officer (COO) role. James Platt, the former COO, has been appointed to a new position as Chief Digital Officer. Concurrently, Mindy Simon has been appointed as the new Chief Operating Officer, effective October 10, 2022. This transition brings external expertise to a key operational role within Aon. Ms. Simon's appointment comes with a comprehensive compensation package designed to attract and retain her. This includes a base salary of $675,000, eligibility for an annual incentive plan, a substantial sign-on cash award of $400,000, and a sign-on equity award valued at $1,725,000. The sign-on awards have specific repayment clauses tied to voluntary termination within the first two years of employment, reflecting the company's investment in her joining. The CFO, Christa Davies, will temporarily oversee operations until Ms. Simon assumes her role.

Key Highlights

  • 1James Platt transitions from Chief Operating Officer to Chief Digital Officer, effective immediately.
  • 2Mindy Simon appointed as the new Chief Operating Officer, effective October 10, 2022.
  • 3Ms. Simon's compensation includes an annual base salary of $675,000.
  • 4Ms. Simon is eligible for a short-term annual incentive plan with a target of 100% of her base salary, starting in 2023.
  • 5A sign-on cash award of $400,000 is granted to Ms. Simon, with partial repayment required if she voluntarily terminates within two years.
  • 6A sign-on equity award valued at $1,725,000 in restricted share units (RSUs) will vest over three years.
  • 7CFO Christa Davies will temporarily manage operations functions until Ms. Simon's arrival.

Frequently Asked Questions

James Platt's move from Chief Operating Officer to Chief Digital Officer signifies Aon's strategic focus on digital transformation and innovation. This new role suggests a dedicated effort to leverage digital technologies and data analytics across the organization.

Mindy Simon will receive an annual base salary of $675,000, a sign-on cash award of $400,000, and a sign-on equity award valued at $1,725,000 in restricted share units. She will also be eligible for Aon's short-term annual incentive plan starting in 2023, with a target award of 100% of her base salary.

Yes, Ms. Simon's sign-on cash award of $400,000 is subject to repayment. She must repay the full amount if she voluntarily terminates employment before her first anniversary and 50% if she voluntarily terminates between her first and second anniversaries. Her sign-on equity award vests over three years.

Prior to Mindy Simon's official start date of October 10, 2022, Aon's Chief Financial Officer, Christa Davies, will assume responsibility for the operations functions that previously reported to Mr. Platt.