Towers Watson Announces Expansion of Exchange Solutions Segment
Jim Foreman to lead Exchange Solutions, Carl Hess to succeed Foreman as
managing director of Americas Region
NEW YORK -- January 23, 2014
In a move designed to help employers better navigate the dynamic health care
environment, global professional services company Towers Watson (NYSE,
NASDAQ:TW) announced today plans to unite the company-wide expertise and
resources dedicated to health care exchanges and administration within its
Exchange Solutions segment. The company also announced that Jim Foreman,
managing director of the Americas, will lead the expanded Exchange Solutions
segment. Carl Hess, global head of the company’s Investment business, will
succeed Foreman as leader of the Americas. Both appointments are effective
February 1, 2014.
Towers Watson will combine the operations and associates of Extend Health,
which it acquired in 2012; Liazon, which it acquired in late 2013; much of its
North American Technology and Administration Solutions health care business,
and other consultants dedicated to health care exchanges into the existing
Exchange Solutions segment. The result will be a much larger and broader
business unit dedicated to helping employers deliver health care benefits to
their employees and retirees through private exchanges and administration.
Bryce Williams and Ashok Subramanian will stay on in their current roles.
“We believe this action strengthens our ability to provide the best exchange
and administration solutions to the marketplace and also underscores our
commitment to serving our clients and meeting their needs,” said John Haley,
chairman and chief executive officer at Towers Watson. “We have a long history
of innovation and expertise in benefits, and I’m confident that this will
accelerate our ability to help companies thrive in the new health care reform
Foreman has served as managing director of the Americas at Towers Watson since
January 2010. He also serves on the company’s executive committee and will
continue to serve in that role. He initially joined the company in 1985 and
has held several business leadership positions during his tenure.
Foreman has also served asexecutive vice president of national businesses and
a member of the executive committee at a major insurer.
Hess, who will succeed Foreman, is currently the global head of the company’s
Investment business, and has been at Towers Watson for 25 years. He will also
serve on the company’s executive committee.
“Jim and Carl bring extensive experience and the necessary leadership to these
two important positions,” said Haley. “Jim’s expertise in both consulting and
the health care insurance marketplace makes him a natural fit to lead Exchange
Solutions. Carl is a true thought leader, and his track record of growing our
Investment business over the years will be a tremendous asset in his new
“I’m very excited about this opportunity and look forward to working with all
of the associates who will now be part of Exchange Solutions,” said Foreman.
“This includes Bryce Williams, who continues to do a remarkable job leading
our retiree and access exchange business. He’s clearly a leading authority in
the industry, and we look forward to his continued leadership in our
“Health insurance exchanges will play a significant role in how employers
deliver health care benefits to their employees and families in the future.
And as the marketplace evolves, I look forward to continuing to work with the
Exchange Solutions team to deliver the best possible solutions to our
clients,” said Williams.
“Towers Watson has a well-earned reputation for putting clients first and
acting as trusted advisors,” added Gene Wickes, global head of benefits at
Towers Watson. “And we will continue to build on the momentum Exchange
Solutions has already generated in the marketplace.”
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services
company that helps organizations improve performance through effective people,
risk and financial management. The company offers consulting, technology and
solutions in the areas of benefits, talent management, rewards, and risk and
capital management. Towers Watson has more than 14,000 associates around the
world and is located on the web at towerswatson.com.
This document contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. You can identify these
statements and other forward-looking statements in this document by words such
as “may”, “will”, “would”, “expect”, “anticipate”, “believe”, “estimate”,
“plan”, “intend”, “continue”, or similar words, expressions or the negative of
such terms or other comparable terminology. Such statements are based upon the
current beliefs and expectations of Towers Watson's management and are subject
to significant risks and uncertainties. Actual results may differ from those
set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: a decline in client demand
(for example, resulting from the reduced use of defined benefit plans); the
risk of a disclosure breach of company or client data; the ability to
successfully make suitable acquisitions and divestitures; the risk that the
acquisitions of Extend Health and Liazon are not profitable or are not
otherwise successfully integrated; our ability to protect client data and our
information systems; the risk that potential changes in federal and state
health care regulations, or future interpretation of existing regulations, may
have a material adverse impact on our business; the risk that our Exchange
Solutions or OneExchange businesses fail to maintain good relationships with
insurance carriers, become dependent upon a limited number of insurance
carriers or fail to develop new insurance carrier relationships; the risk that
changes and developments in the health insurance system in the United States
could harm our business; our ability to respond to rapid technological
changes; the ability to recruit and retain qualified employees and to retain
client relationships; and the risk that a significant or prolonged economic
downturn could have a material adverse effect on Towers Watson's business,
financial condition and results of operations. Additional risks and factors
are identified under “Risk Factors” in Towers Watson’s most recent Annual
Report on Form 10-K filed with the SEC.
You should not rely upon forward-looking statements as predictions of future
events because these statements are based on assumptions that may not come
true and are speculative by their nature. Towers Watson does not undertake an
obligation to update any of the forward-looking information included in this
document, whether as a result of new information, future events, changed
expectations or otherwise.
For Towers Watson
Josh Wozman, +1-703-258-7670
Ed Emerman, +1-609-275-5162
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