Aon Corp. said that Russ Fradin is leaving his position as CEO of Aon Hewitt to become CEO of software company SunGard Data Systems Inc.
Aon named two senior executives of Aon Hewitt as co-CEOs of the benefits consultant, effective immediately: Kristi Savacool, CEO of benefits administration, and Baljit Dail, CEO of consulting.
Fradin was CEO of Hewitt Associates when Chicago-based insurance brokerage Aon acquired the suburban company last year for $4.9 billion. He is to become CEO of SunGard on May 31.
Crain’s Chicago Business, a sister publication of Workforce Management, reported in July 2010 that if he left within two years of the Aon deal closing, Fradin would be in line for total change-in-control payments of $11.8 million.
Wayne, Pennsylvania-based SunGard is a privately held company that had just under $5 billion in revenue last year, according to a fact sheet on the company’s website.
“We want to thank Russ for his many contributions to our firm since the merger of Aon Consulting and Hewitt Associates,” Aon Corp. CEO Greg Case said in a written statement, adding that “We wish Russ all the best in his new position.”
Fradin said in the statement, “I am very proud to have served with such an outstanding team at Hewitt and now Aon Hewitt.”
At SunGard, he is succeeding Cristóbal Conde, who has been president and CEO since 2002. When SunGard was taken private in 2005, Conde said he would work with its investors “to eventually hand over leadership to a successor who would take SunGard into the next phase of its growth,” SunGard said in a news release.