NU Online News Service, Jan. 25, 3:47 p.m. EST

Willis Group Holdings plc insurance brokerage said it has extended the contract of Chairman and Chief Executive Officer Joseph J. Plumeri for two more years.

The firm said last week that his contract, which was due to expire in April 2011, was extended to July 7, 2013.

The company's board of directors issued a statement saying, "Under Joe's leadership, Willis has advanced its competitive position around the world and successfully navigated the strong headwinds of the continuing soft insurance market and the global economic downturn."

"The extraordinary story of how far Willis has come over ten years is a credit to the tireless efforts of our executive team and our nearly 20,000 associates, the sound counsel of our board of directors, and the continued support of our clients and shareholders," said Mr. Plumeri. "I am as proud of and as passionate about Willis as I've ever been and look forward to leading the company through its next stage of growth."

In a filing with the Securities and Exchange Commission, Mr. Plumeri will receive a base salary of $1 million and bonus based on performance. The award will be in combination of cash and restricted stock options, except the final year of his contract, which will be in cash.