So who's gone and hired one of America's 'worst CEOs'.
That would be Willis. Yes, yet another villain of the credit crunch is back in a comfortable office with a no-doubt lucrative salary. Martin Sullivan is the insurance broker's new deputy chairman, where he is charged with building a global unit that will serve its largest clients.
What'd he do wrong?
His last job was as chief executive of AIG, the same AIG that had to be bailed out by the US taxpayer thanks to its involvement with – you've guessed it – derivatives linked to sub-prime mortgages.
Why would anyone want him after that?
Well you might ask. A conference call with analysts was held yesterday where Willis chairman and chief executive Joseph Plumer said the former AIG boss would bring his experience, connections and "knowledge of all the ingredients of the business" to his new role. All that and "bringing its global capabilities together in a focused manner". Wow.
So in other words?
Willis has long been the number three broker after Marsh & McLennan and Aon. It would really like to grab more of the market for dealing with big, global companies that the latter two have something of a lock on. Hence the hiring of Essex-born Mr Sullivan, who will be based in its New York office. For now.
Do these people have no shame?
Apparently not, although it's fair to say that the chief villains of the crunch in Britain have also nearly all found new roles. Andy Hornby, who ran HBOS into the ground, is now earning millions at Boots, while Sir Fred Goodwin, who nearly destroyed RBS, is a senior adviser to RMJM, an architectural businesses. Most of their colleagues have also found jobs.
How will this go down in the US?
Presumably not well. He got the "worst ceo" moniker from the financial channel CNBC after approving retention bonuses for AIG staff despite "sucking up nearly $200bn" from US taxpayers, whose understandable outrage nixed the plan.Reuse content