Source: Kohlberg Kravis Roberts & Co. L.P
Kohlberg Kravis Roberts & Co. L.P. announced today the appointment of Joseph J. Plumeri, former chairman and chief executive officer of The Willis Group, as a Senior Advisor.
Plumeri is also joining the Board of Directors of First Data, a KKR portfolio company.
Plumeri served 12 years as Willis Group chairman and CEO and as its non-executive chairman through July 2013. Under his leadership, Willis strengthened its position as one of the world's leading insurance brokers through industry-sector-leading organic growth and operating margins, strategic expansion, and a return to public ownership in 2001. Prior to joining Willis, Plumeri had a 32-year career at Citigroup and its predecessor companies. As CEO of Citibank North America, he led the integration of the consumer businesses at Citicorp and Travelers Group. He also served as chairman and CEO of Travelers Primerica Financial Services, vice chairman of the Travelers Group, and president and managing partner of Shearson Lehman Brothers.
"Joe Plumeri is a leader known to be a catalyst for positive change. During his leadership at Willis Group, a former KKR investment, he successfully navigated a series of challenges that confronted both the company and the insurance industry. Joe led the transformation of Willis from a company with an enterprise value of less than $2 billion to one with nearly $10 billion," said KKR Co-Founder and Co-CEO Henry Kravis. "At Willis, he earned a reputation for being passionate about client service and for his commitment to integrity and transparency. He will be an asset to KKR as a senior advisor and I look forward to working with him again both at the firm and on the First Data Board."
"It is my great pleasure to have known and worked with Joe Plumeri for much of my career and I am delighted that he has chosen to join our Board of Directors," said First Data CEO Frank Bisignano. "During his career, Joe has helped lead and motivate large sales forces to help produce results. He helped transform Citicorp and Travelers and he understands first-hand the business complexities faced by large-scale transaction processors like First Data, so we welcome his insight and look forward to his contributions."
"I am delighted to continue my working relationship with KKR, by joining the firm's group of senior advisors, and to join Henry Kravis, Frank Bisignano and fellow board members at First Data," said Plumeri. "I have known and worked with KKR since 2000 and am excited to be working closely with the KKR team. Engaging with First Data gives me an opportunity to be part of a dynamic company that's participating in a rapidly transforming industry, not unlike the changes I experienced in insurance."
KKR's Senior Advisors are part of KKR's integrated model of value creation. These individuals include current and former senior executives who have unique leadership skills that complement the work of the firm's investment professionals, including sourcing new investments and providing counsel to KKR portfolio companies.