WTW announces withdrawal from Russia

Rhea-AI Summary

WTW, a prominent advisory and solutions firm, announced its decision to withdraw from all business operations in Russia due to the ongoing crisis in Ukraine. CEO Carl Hess expressed deep concern for colleagues affected by the conflict, emphasizing the thoughtful nature of this decision. WTW plans to transfer ownership of its Russian operations to local management, allowing them to function independently in the market. This strategic move reflects WTW's commitment to ethical business practices and support for its workforce in challenging circumstances.

Positive

• WTW is prioritizing ethical considerations by exiting the Russian market amid the Ukraine crisis.
• The plan to transfer ownership to local management may enable continued operations and support local employees.

Negative

• The withdrawal could lead to potential loss of market presence and revenue in Russia.
• Operational independence for the Russian business may complicate future relationships with local clients.

ARLINGTON, Va., March 13, 2022 (GLOBE NEWSWIRE) -- WTW, a leading global advisory, broking and solutions company, today announced it will withdraw from all of its businesses in Russia.

Carl Hess, WTW’s CEO, said, “We continue to be dismayed by the crisis in Ukraine. WTW remains steadfast in our support for all our colleagues and their families in the region who have been affected. We wholeheartedly wish for a peaceful solution. WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”

About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contact

Miles Russell: +44 (0) 7903262118
Miles.russell@willistowerswatson.com

FAQ

What recent announcement did WTW make regarding its operations in Russia?

WTW announced its withdrawal from all business operations in Russia due to the crisis in Ukraine.

Who is the CEO of WTW and what did they say about the situation in Ukraine?

WTW's CEO, Carl Hess, expressed deep concern for colleagues affected by the Ukraine crisis and emphasized the thoughtful decision to exit Russia.

How will WTW manage its Russian businesses after the withdrawal?

WTW intends to transfer ownership of its Russian businesses to local management to operate independently.

What is the potential impact of WTW's withdrawal from Russia on its market presence?

The withdrawal may lead to a loss of market presence and revenue in Russia for WTW.

What date was WTW's announcement regarding its exit from Russia?

WTW announced its decision to withdraw from Russia on March 13, 2022.