Aon Hewitt Company History and Evolution

Aon Hewitt's company history is a story of strategic partnerships and growth. Aon Hewitt was formed in 2010 through the merger of Aon Consulting and Hewitt Associates.

The company's roots date back to 1919, when Aon was founded in Chicago.

Aon Consulting was acquired by Aon in 2001, expanding the company's services to include consulting and outsourcing.

Hewitt Associates was founded in 1940 and was a leading provider of human resources and benefits administration services.

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Aon Hewitt was founded in 1982 by Aon Corporation.

The company was formed through the merger of Aon Corporation's benefits consulting business with Hewitt Associates, a large consulting firm.

Aon Corporation was founded in 1982 by Pat Ryan.

Hewitt Associates was founded in 1940 by E.B. Hewitt.

In 2010, Aon Hewitt acquired Towers Perrin, a global professional services company.

Towers Perrin was founded in 1901 by Frederick Towers and Charles Perrin.

By 2012, Aon Hewitt had expanded its operations to over 50 countries.

In 2016, Aon Hewitt was acquired by Aon PLC, a global professional services company.

Aon PLC was formed in 2010 through the merger of Aon Corporation and Aon Benfield.

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Aon Hewitt has undergone significant changes over the years. In 2010, Aon Hewitt acquired Hewitt Associates, expanding its services to include retirement and investment consulting.

As a result of this acquisition, Aon Hewitt's global workforce increased to over 50,000 employees. This expansion allowed the company to offer a wider range of services to its clients.

In 2010, Aon acquired Hewitt Associates for $4.9 billion in cash and stock.

The purchase was completed by October 1, 2010, and Hewitt's stock ticker, HEW, was removed from the NYSE.

Aon's purchase led to the elimination of around 1500 to 1800 jobs by October 14, 2010.

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Leadership Changes were a significant part of Hewitt Associates' history.

Dale L. Gifford, CEO and Chairman since 1992, announced his retirement in June 2006, citing his own decision to step down.

Russell P. Fradin was appointed as the fourth CEO of Hewitt Associates in August 2006, with his tenure beginning on September 5, 2006.

Robert A. Schriesheim joined the company as SVP and CFO in January 2010, coming from Lawson Software.

After Aon Corporation's purchase of Hewitt in November 2010, Russ Fradin continued as CEO of the Aon Hewitt subsidiary.

Fradin stepped down as CEO in May 2011, and was succeeded by co-CEOs Kristi Savacool and Baljit Bail, announced by Aon in the same month.

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Aon is buying Hewitt Associates for $4.9 billion in cash and stock, a move that will expand its division advising companies on employee pay and benefits.

The purchase price of $50 a share is 41% more than Hewitt's closing price on July 9.

Aon will merge Hewitt with its Aon Consulting unit and rename the division Aon Hewitt.

The combined division will be led by Russ Fradin, chairman and CEO of Hewitt, who will report to Aon CEO Greg Case.

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Aon expects to reap $355 million in annual savings by cutting back-office costs and overlapping managers.

The purchase is Aon's biggest, surpassing its $1.4 billion acquisition of reinsurance broker Benfield Group Ltd. in 2008.

Aon is paying about 7.5 times Hewitt's forecast earnings before interest, taxes, depreciation and amortization for the 2010 fiscal year.