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Willis Towers Watson Executive Compensation (FY25)

WTW · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Carl Hess
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 21, 2026
10 filings cited on this page
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272 figures on this page: 267 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Carl Hess: $12,502,090 → $12,793,605 (2.3% higher)
Say-on-pay support: 97.7% → 97.2% (0.5 points lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Willis Towers Watson's chief executive and what were they paid?
Total compensation for Carl Hess, CEO, came to $12,793,605 in fiscal 2025. Hess' total moved 2.3% higher from the $12,502,090 reported for fiscal 2024.
What was Willis Towers Watson's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 97.2% of votes cast for or against in favor at the meeting held May 20, 2026.
Which companies are in Willis Towers Watson's peer group?
Companies named in the disclosed peer group include Aon plc, Arch Capital Group Ltd., Arthur J. Gallagher Co., Automatic Data Processing, Inc. and Booz Allen Hamilton Holding Corporation, among others.
What is Willis Towers Watson's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 203:1, against median employee compensation of $63,007.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Hess
CEO
◇—◇—◇—◇◇
Andrew Krasner
CFO
◇—◇—◇◇◇◇
Julie Gebauer
Global Head of HWC
◇—◇—◇—◇◇
Adam Garrard
Global Head of R&B
◇—◇—◇—◇◇
Matthew Furman
General Counsel
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Hess
CEO
◇—◇—◇◇◇◇
Andrew Krasner
CFO
◇—◇—◇◇◇◇
Julie Gebauer
Global Head of HWC
◇—◇—◇—◇◇
Adam Garrard
Global Head of R&B
◇—◇—◇—◇◇
Matthew Furman
General Counsel
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Hess
CEO
◇—◇—◇—◇◇
Lucy Clarke
President, R&B
◇◇◇—◇—◇◇
Andrew Krasner
CFO
◇—◇—◇◇◇◇
Julie Gebauer
President, HWC
◇—◇—◇—◇◇
Adam Garrard
Chairman, R&B
◇—◇—◇—◇◇
Matthew Furman
General Counsel
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Hess
CEO
◇—◇—◇◇◇◇
Andrew Krasner
CFO
◇—◇—◇◇◇◇
Julie Gebauer
President, HWC
◇—◇—◇—◇◇
Lucy Clarke
President, R&B
◇—◇—◇—◇◇
Matthew Furman
General Counsel
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew KrasnerRSU◇——◇——◇
Andrew KrasnerPSU◇◇◇—◇—◇
Carl HessRSU◇——◇——◇
Carl HessPSU◇◇◇—◇—◇
Julie GebauerPSU◇◇◇—◇—◇
Julie GebauerRSU◇——◇——◇
Lucy ClarkeRSU◇——◇——◇
Lucy ClarkePSU◇◇◇—◇—◇
Matthew FurmanPSU◇◇◇—◇—◇
Matthew FurmanRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Julie GebauerPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Lucy ClarkePSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Matthew FurmanPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Carl HessPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Andrew KrasnerPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Lucy Clarke
President, R&B · Offer letter · dated May 15, 2024
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Excise tax treatment◇
Non-solicit period◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Reilly
Board chair
◇◇————◇
Dame Inga Beale
◇◇————◇
Michael Hammond
◇◇————◇
Michelle Swanback
◇◇————◇
Fumbi Chima
◇◇————◇
Stephen Chipman
◇◇————◇
Jacqueline Hunt
◇◇————◇
Fredric Tomczyk
◇◇————◇
Carl Hess served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Aon plc AON
  • Arch Capital Group Ltd. ACGL
  • Arthur J. Gallagher Co. AJG
  • Automatic Data Processing, Inc. ADP
  • Booz Allen Hamilton Holding Corporation BAH
  • Brown & Brown, Inc. BRO
  • Cognizant Technology Solutions Corporation CTSH
  • Fidelity National Financial, Inc. FNF
  • Fidelity National Information Services, Inc. FIS
  • First American Financial Corporation FAF
  • Fiserv, Inc. FISV
  • Marsh McLennan Companies, Inc. MRSH
  • Principal Financial Group, Inc. PFG
  • Robert Half Inc. RHI
  • S&P Global Inc. SPGI
  • TransUnion TRU
  • Unum Group UNM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 20, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021June 8, 2022=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Carl Hess (CEO), FY2025 total compensation $12,793,605 (base salary $1,000,000) [exec_comp, SEC accession 0001193125-26-127613, filed 2026-03-27]

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What this page does not include

Everything above is a fact Willis Towers Watson disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Willis Towers Watson sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
272 figures on this page: 267 cited to the filing that reported them, 5 calculated from figures it prints.
267 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001193125-26-234740
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-127613
    Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table · YEAR-END PROXY STATEMENT &
  3. 0001193125-25-123217
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000950170-25-046880
    Compensation Tables
  5. 0001193125-24-147155
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-087228
    Summary Compensation Table
  7. 0001193125-23-149227
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-092204
    Compensation Tables · Summary Compensation Table
  9. 0001193125-22-173913
  10. 0000950170-25-026278
    EX-10.21
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Velarion, “Willis Towers Watson executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/WTW (accessed 2026).
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10 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Willis Towers Watson discloses

The companies named in WTW's own disclosed peer group.

Aon plcArch Capital Group Ltd.Arthur J. Gallagher Co.Automatic Data Processing, Inc.Booz Allen Hamilton Holding CorporationBrown & Brown, Inc.Cognizant Technology Solutions CorporationFidelity National Financial, Inc.Fidelity National Information Services, Inc.First American Financial CorporationFiserv, Inc.Marsh McLennan Companies, Inc.Principal Financial Group, Inc.Robert Half Inc.S&P Global Inc.TransUnionUnum Group

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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