The founder of Aon Corp., the second-largest insurance agency in the country, announced Thursday that he intends to resign as chief executive, and the company has begun the search for his successor.
Patrick G. Ryan, 67, will remain the CEO of the Chicago firm until a successor is named and will then continue as chairman.
Andrew J. McKenna, who heads the board's corporate governance committee, will lead a search committee, which will be assisted by an executive recruiting firm to be selected.
The company said Michael D. O'Halleran, 54, its president and chief operating officer, has told the board he does not want to be considered as a CEO candidate and is giving up his current role. Mr. O'Halleran will now be the company's senior executive vice president and will remain in charge of global reinsurance brokerage, wholesale brokerage, and managing underwriting activities.
The incoming CEO will also be Aon's president and will be involved in deciding how to fill the chief operating officer job, a spokesman said.
Mr. O'Halleran said in a press release: "I have asked not to be considered as Pat's successor, and therefore I believe it is appropriate for me now to relinquish the president and chief operating officer titles. Further, I do not intend to stand for re-election as a director at the 2005 annual shareholders' meeting."
Mr. Ryan has been the CEO of Aon and its predecessor company, Ryan Insurance Group, for over 40 years.
