In connection with the proposed merger of Hewitt Associates with Aon Corp., Russell P. Fradin, Hewitt's current CEO, and Aon have agreed on key financial terms of a five-year employment agreement. Aon says the agreement, when completed, will be contingent and will become effective upon consummation of the merger.

Aon outlines highlights of the key financial terms to include:

•    Fradin will serve as chairman and CEO of Aon Hewitt, reporting to Greg Case, president and CEOof Aon

•    The term of the employment agreement will be for five years from closing of the merger

•    Fradin has agreed to take a substantial portion of his change in control compensation in Aon restricted stock units that will be distributed only when he ceases to be employed by Aon

•    Fradin has also agreed to retain all future granted equity compensation awards (net of any amounts necessary to pay taxes and exercise prices) until he ceases to be employed by Aon

The following leaders will join the Aon Hewitt leadership team, according to Aon:

•    Baljit Dail will become CEO of the consulting business; he is currently the CEO of Aon Consulting and COO of Aon Benfield

•    Kristi Savacool will become CEO of the benefits administration business; she is currently SVP of large market benefits outsourcing for Hewitt

•    Jim Konieczny will become CEO of the HR business process outsourcing (BPO) business.; he is currently president of HR BPO for Hewitt

•    Greg Besio is leading the overall Aon Hewitt integration.; he is currently Aon's CAO

•    Scott Ordway will become CFO of Aon Hewitt; he is currently VP of finance and operations for Aon

•    David Baruch will become CIO of Aon Hewitt; he is currently CIO of Hewitt

•    Neela Seenandan will become global head of HR for Aon Hewitt; she is currently global head of HR for Aon Benfield

•   Mark Sproat will become chief counsel-Aon Hewitt; he is currently the associate general counsel for Hewitt Outsourcing

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