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Joseph J. Plumeri II (born July 7, 1943) is vice chairman of the First Data Board of Directors. He was the chairman and CEO of Willis Group Holdings (Willis), a New York Stock Exchange-listed insurance broker, until July 2013.[1] The company has 17,000 employees in 400 offices, located in 120 countries.[2][3][4] As of June 2010, Willis had the third-highest insurance brokerage revenues in the world.[5][6]

Key Information

Plumeri worked for Citigroup from 1968 to 2000.[7] During that time he held the roles of President and Managing Partner of Shearson Lehman Brothers, President of Smith Barney, Vice Chairman of Travelers, Chairman and CEO of Primerica, and CEO of Citibank, North America.[7] He was appointed chairman and CEO of Willis in 2000.[8]

Plumeri is also the co-owner of the Trenton Thunder. The team plays in Samuel J. Plumeri Sr., Field, named after his father. In addition, he funded the construction of Plumeri Park, the stadium of the William & Mary Tribe baseball team.[9][10] A philanthropist, he has made multimillion-dollar gifts to The College of William & Mary and the Make-a-Wish Foundation.[3]

Early life

[edit]

Plumeri is the son of Samuel J. Plumeri Sr. (a Trenton city commissioner and local businessman, who died in 1998) and Josephine Plumeri (who died in 2012).[11][12] His grandparents immigrated to the United States from Villalba, Sicily.[11][12][13] He was raised in North Trenton, New Jersey, in a working-class family.[14][15] Speaking of his father, he said: "He never quit, and he always saw the good in everything. He was a dreamer, and because of my father ... I have an affection for people who are passionate."[16]

Plumeri attended Trenton Catholic High School and Bordentown Military Institute (1962).[3][9][14][17][18][19] He then studied at The College of William & Mary, graduating in 1966 with a B.A. in History and Education.[3][9][14][17] While an undergraduate, he played on the William & Mary Tribe football team (on scholarship as a halfback for Lou Holtz) and baseball team (as a second baseman and outfielder). He was also a member of Pi Kappa Alpha.[9][20][21]

Upon graduation, he first taught History for two years at Langhorne's Neshaminy High School in Bucks County, in Pennsylvania.[17][22] There, he also coached football and two other sports.[17][22][23]

In 1968, he was in the Army Reserve for six months at Fort Jackson, South Carolina.[23] After he was released, he enrolled in New York Law School in 1968, but did not finish before leaving although he was given an Honorary Doctorate of Law from the school in 2015.[3][14][17][23][24]

Business career

[edit]

Plumeri worked at Citigroup Inc. and its predecessors companies from 1968 until 2000, when he was appointed as chairman and CEO of Willis.

Carter, Berlind & Weill/Shearson Lehman Brothers (1968–93)

[edit]

While in law school, one afternoon in 1968 he decided to look for part-time employment, and began knocking on doors in the Wall Street area.[23][25] Entering 55 Broad Street, he looked at the lobby directory and noticed the name Carter, Berlind & Weill.[23] Assuming (incorrectly) that if a firm had three names or more than it must be a law firm, he applied for a job.[23][26] He decided to take a position with the firm even after he discovered it was not a law firm but a brokerage house.[23]

Sandy Weill

The man he interviewed with was Sandy Weill, a founding partner of Carter, Berlind & Weill who later served as CEO of Citigroup, Inc.[27] Weill hired the 24-year-old Plumeri as a part-time clerk, arranged for a closet to be converted into a tiny office, and mentored him.[26][28] The two were co-workers for many years, with Plumeri as one of Weill's top lieutenants.[14][17][23][25][29][30] Plumeri said: "Sandy has been my role model. He's the shrewdest, smartest businessman I've ever seen, and he's also the sweetest."[29]

Soon after starting to work at the brokerage firm, Plumeri dropped out of law school.[14] The small brokerage ultimately became Shearson, and Weill sold it to American Express in 1981 for stock valued at $930 million ($3,293,000,000 today).[14][17][31] By 1985, Plumeri was a Senior Executive Vice President and director of national sales and marketing.[32][33]

Plumeri became the president & managing partner of Shearson Lehman Brothers in 1990.[7][14]

Smith Barney (1993–94)

[edit]

In 1993, Weill bought Shearson back from American Express. He paid $1 billion ($2,229,000,000 today), and merged it into its fellow stockbroker Smith Barney.[14][34]

Weill then offered Plumeri the presidency of Smith Barney.[14] "That was the most satisfying moment of my life", recalled Plumeri. "I cried—as usual—and I remember that Sandy shed a tear, too."[14] That year Plumeri became the President of the merged company, and managed the merger.[8][35]

Weill abruptly dismissed Plumeri in August 1994.[14][29] Plumeri noted: "I was so intent on getting the job done, that I eliminated the input of other people. If I'd done better at nurturing relationships, who knows how it would have turned out?"[14] Weill made Plumeri a Vice Chairman of Travelers Group Inc. almost immediately thereafter.[7][14][29]

Primerica Financial Services (1995–99)

[edit]

Plumeri was then made Chairman & CEO of Travelers Group's Primerica Financial Services division (Primerica), a position he held from 1995 to 1999.[7][8][35]

In 1997, Plumeri earned at least $3 million ($6,020,000 today) in compensation.[14] In 1998, Primerica had net income of $398 million (on net sales of $1.65 billion), nearly double its 1994 $209 million net income (on net sales of $1.28 billion).[29] Speaking of his approach in business, Plumeri said:

I am an emotional person with a lot of drive, and that has caused some problems in my career. But I come from the view that you've got to be yourself, for better or worse. And what got me where I am today was my emotion.[14]

Citigroup (1999–2000)

[edit]

Plumeri worked on the amalgamation of Travelers Group and Citicorp after the $70 billion ($135,287,655,000 today) 1999 merger of the two to form Citigroup Inc.[8][36]

Following the integration, he was appointed CEO of Citibank, North America by Citigroup co-Chairmen Weill and John Reed.[7][36][37] J. Paul Newsome, an analyst with CIBC Oppenheimer, said: "He's not the spit-and-polish executive many people expected. He's rough on the edges. But Citibank knows the bank as an institution is in trouble—it can't get away anymore with passive selling—and Plumeri has all the passion to throw a glass of cold water on the bank."[29] At this point, Weill and Reed stepped down.[29] As CEO of Citibank N.A., he navigated the unit's earnings from $108 million to $415 million in one year, an increase of nearly 400%.[16][38] In January 2000, somewhat unexpectedly, Plumeri retired from Citibank.[26][39][40]

Willis (2000–2013)

[edit]

The early years

[edit]

While vacationing in Paris, the Plumeris by chance met Henry Kravis whose leveraged buyout firm, Kohlberg Kravis Roberts (KKR), had purchased the Willis Group in 1998 for $1.4 billion.[23][28] When Kravis asked what he was doing, Plumeri's wife jokingly said: "Find him a job".[26] Kravis called him two weeks later, and suggested that Plumeri run Willis.[23][26][41]

Initially, Plumeri had no interest in the position.[26] He said: "I really didn't want the job. I didn't know anything about insurance. I certainly didn't know anything about London. And I didn't know if my act would fly in London, to be honest with you."[28] But the more he examined it the more appealing it became, and Weill advised him that he should definitely take the position.[26][27]

Plumeri assumed the post of Chairman & Chief Executive Officer at Willis on October 15, 2000. He replaced John Reeve, who retired, and became the company's first non-British CEO and first non-insurance industry CEO.[8][14][27][42]

The staid, nearly 200-year-old, tradition-laden British-based company (established in 1828) had just incurred a loss in 1999 of $104 million ($201,000,000 today).[15][16][43]

"This is exactly the kind of leadership opportunity I've been looking for to focus the next stage of my career", Plumeri decided.[37] His five-year contract provided for an annual base salary of $1 million, guaranteed bonuses of $1 million annually, further incentive bonuses, and stock options for 5.2 million Willis shares at approximately $2.80 per share.[44] Plumeri pledged to his employees that as long as he was CEO, he would not sell any of his Willis stock.[27] He said: "Maybe I'd give it to charity, but selling the stock for my own benefit, I think is wrong. I'm supposed to be the chief cheerleader of the company, not only to investors but to my employees, and to exhort them to buy my stock, while I'm selling it, is wrong."[27]

He began his Willis career without much background in insurance brokering.[45] Plumeri admitted, "I don't know what I don't know, so I've asked a lot of questions", but noted that "When you are in virgin territory without any baggage, sometimes that is better because you don't have a sense of what you can't do."[45]

Changes

[edit]

On arrival, Plumeri tried to unify the staff and create a sense of teamwork by providing each employee with a lapel pin and requiring them to wear it.[15] The Sunday Times reported that once when Plumeri had a breakfast meeting with two of his executives at a New York hotel, he noticed that one was not wearing his Willis lapel pin. The paper described it as "probably a sacking offense".[46] Thinking quickly, the executive responded: "I'm sorry, sir. I must have left it on my pyjamas."[46]

To bolster enhanced communication and cooperation, he ordered that all office doors remain open (or had them removed, including the door to his own office).[21][27][47] He lowered the height of the partitions between cubicles.[21][27][47] He himself flew about 400,000 miles (640,000 km) a year to meet with people, to help build the company.[47] The CEO of the company's global markets division, Grahame J. Millwater, said: "The sheer dynamism of the individual took us a little bit by surprise. We had a very different management style before."[27]

Plumeri observed:

Many companies do not articulate to their employees why they are there. You’ve got to figure out what the home run is. What we are doing here is creating a company whose value grows, and that value is measured by the price of our stock. That's the scoreboard.... Once people understand and buy into the vision, it's amazing what one can do.... If you don’t give people a vision, they don’t enjoy the trip because they don’t know where they are going.[16]

To avoid having to reduce the number of staff members that he had inherited, Plumeri chose to move some of them to what he viewed as better-suited roles.[16]

At Willis, he has been an outspoken supporter of banning contingent commissions.[15][48]

In June 2001, he brought the company back to public ownership in an IPO, and had it listed on the New York Stock Exchange.[26] At the time, its stock price was $13.50.[27] Within two years, by May 2, 2003, it was $31.27, an increase of 132%.[27] On February 27, 2004, it was at $38.35.[16]

For 2002, the company's net income was $210 million.[16] In 2003, it rose to $414 million.[16]

By February 2007, he had grown the company at an annual rate of 12% per year.[15] In 2008, Plumeri headed Willis' $2.1 billion acquisition of U.S. rival Hilb, Rogal & Hobbs Co. (HRH).[3][28] By August 2008, Willis was worth $4.5 billion.[28] In his first eight years at Willis, the company's net worth doubled, its margins rose from 7% to 32%, and its stock price rose from $3-per-share to $32-per-share.[43]

In 2008, he directed the sale of Willis's London headquarters at 10 Trinity Square, relocating to 51 Lime Street, the fourth-tallest building in the City of London.[49][50][51][52] Locals referred to the new headquarters as "Plumeri's Palace".[50][53] The building incorporates Plumeri's "no-doors" policy, a policy which extends to his own office.[54]

Willis Tower, Chicago

In 2009, he struck a deal that led to the 110-story Sears Tower in Chicago, the tallest building in North America, being renamed the Willis Tower, as the company rented 140,000 square feet (13,000 m2) of its office space.[55][56] He and Mayor Richard Daley unveiled a sign with the new name in a ceremony in July.[57][58] Plumeri said: "You can call it anything you want... you can call it the 'Big Willie' for all I care. As a matter of fact, I wish you would."[59]

Plumeri received compensation of $8.1 million in 2007, $19.9 million in 2008, and $10.9 million in 2009 (consisting of a salary of $1 million, bonus of $1.7 million, restricted stock awards of $7.3 million, and other compensation of $.9 million).[7][60] Willis extended his contract in January 2010 until July 7, 2013.[7][61] As of March 2010, Plumeri owned 3.8 million shares of the company, representing 2.3%.[60]

By 2010, Willis had 17,000 employees in 400 offices located in 120 countries.[3][62]

With regards to his philosophy of life, Plumeri said: "I’m from the school of anything's possible. I’m from the group that says it doesn’t matter where you are from, but that it does matter how big you dream."[12]

Post-Willis (2013–present)

[edit]

On August 19, 2013, Kohlberg Kravis Roberts & Co. LP announced Plumeri's appointment as Senior Advisor.[1]

Boards

[edit]

Plumeri's concurrent board responsibilities outside of Willis have included the boards of Telex Communications (from 2000), Commerce Bancorp (from 2003), the Council on Foreign Relations, and the American Institute for Chartered Property Casualty Underwriters.[38][63][64][65] Now he serves on the boards of The National Center on Addiction and Substance Abuse at Columbia University, Mount Sinai Medical Center, Intrepid Sea, Air & Space Museum, Jackie Robinson Foundation, Carnegie Hall, and the Churchill Centre and Museum at the Cabinet War Rooms in London.[66]

Sports interests

[edit]
Samuel J. Plumeri Sr. Field

Plumeri co-owns the Trenton Thunder.[10][67] The team plays at Samuel J. Plumeri Sr. Field, the 6,341-seat stadium he named after his father in 1999.[10][17]

In 2001, he became the co-owner of another New Jersey minor league baseball team, the Jersey Shore BlueClaws, the High-A affiliate of the Philadelphia Phillies.[67] It is located in Lakewood in Ocean County, on the Jersey Shore.[3][11][68]

He also invested £100,000 towards a minority interest in the Plymouth Argyle Football Club in the United Kingdom, giving him an indirect ownership interest in the club of less than 1%.[60] He was introduced to the team by its chairman Sir Roy Gardner, who is also on the Willis board.[69][70]

Plumeri was commissioner of the New Jersey Sports and Exposition Authority from 1997 to 2004.[3]

Restaurant

[edit]

In December 2001, he opened a family restaurant named "Plumeri" in TriBeCa with his son Jay.[23][28] In 2010 his son opened a restaurant named "Race Lane" in East Hampton, New York.[71][72][73][74]

Philanthropy

[edit]

Plumeri Park is the 1,000-seat baseball facility of the William & Mary Tribe baseball team since 1999, constructed in large part on the basis of a donation by Plumeri in the autumn of 1996.[9] He had it named in honor of his father.[20]

In 2008, he provided $2 million to create the Plumeri Awards for Faculty Excellence at William & Mary.[75] He also funded the Joseph J. Plumeri Business Scholarship, the Joseph J. Plumeri Endowment Fund for baseball scholarships for the school, and the W&M/Plumeri Pro-Am Golf Tournament.[9]

He donated $2 million to the construction of the "Samuel & Josephine Plumeri Wishing Place", the headquarters of the New Jersey Chapter of the Make-A-Wish Foundation (named in honor of his parents).[3] It was the largest gift ever to the Foundation, nationwide.[68]

He also contributed $1 million to the College of St. Rose in Albany, New York, for the development of the school's new Christian Plumeri Sports Complex. It was named in honor of his deceased son.[3][76][77][78]

Plumeri is a board member of The National Center on Addiction and Substance Abuse (CASA) at Columbia University (since 1998), Mount Sinai Medical Center, the Intrepid Sea-Air-Space Museum, and Churchill Museum in London.[3][7][79] He is a member of William & Mary's governing Board of Visitors, Business School Advisory Board, and Sir Robert Boyle Society, as well as a lifetime member of the President's Council and a trustee emeritus of the William & Mary Endowment Association.[citation needed]

Plumeri was also the commencement speaker at the College of Saint Rose in 2006, Richard Bland College of the College of William and Mary in 2008, and the College of William and Mary in 2011.[80][81]

In November 2015, Plumeri and his wife Susan donated $5 million to New York Law School to support the creation of the Joe Plumeri Center for Social Justice and Economic Opportunity.[82][83]

Awards

[edit]

Family

[edit]

With then-wife Nancy (née Walton) Plumeri,[12][17] he raised three children: Christian J. (now deceased), Jay, and Leslie.[3][9][89] He currently lives in New York City.[17]

Speaking of his son Christian, who died in November 2008 at age 39 from drug addiction, he said: "You deal with it, but it's so difficult. I think about it all the time; think about it every day. You always think about what you could have done differently."[12][89]

His brother Paul Plumeri Sr., is a blues guitarist.[90] His brother Samuel J. Plumeri Jr., is vice chairman of the New Jersey State Parole Board and chairman the Capital Health Board of Directors.[25] He also served as a Trenton police officer, Mercer County (New Jersey) sheriff, and for a decade was superintendent of Police/Director of Public Safety for the Port Authority of New York and New Jersey.[25] His nephew Paul Plumeri Jr., is a graduate of Columbia University and Head of AI Responsibility Marketing at Google.

His mother, Josephine Plumeri, died on January 20, 2012, at the age of 97.

References

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Joe J. Plumeri

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from Grokipedia
Joseph J. Plumeri II is an American business executive who built a distinguished career in and brokerage, most prominently as chairman and of Holdings plc from 2000 to 2013, during which he drove the company's expansion through organic growth, strategic acquisitions, and enhanced market positioning as one of the world's leading insurance brokers. Born in , Plumeri earned a in history and education from the in 1966, where he captained the and football teams, and attended before serving in the until 1974. His professional ascent began with a 32-year tenure at and its predecessors, encompassing roles such as president and managing partner of Shearson —overseeing its merger with Smith Barney—vice chairman of Travelers Group, chairman and CEO of Travelers Financial Services, and CEO of North America, where he spearheaded the integration of consumer businesses following the Citicorp-Travelers merger. At Willis, Plumeri orchestrated key initiatives including the $2.1 billion acquisition of Hilb Rogal & Hobbs in 2008 and the rebranding of Chicago's as the in 2009, while advocating for greater transparency in broker commissions to mitigate conflicts of interest in the industry. Post-Willis, he assumed the role of vice chairman of Corporation's board in 2013, contributing to its evolution into a payments leader, and served as a senior advisor to Kohlberg Kravis Roberts & Co. His contributions earned recognitions such as inclusion in Treasury & Risk magazine's "100 Most Influential People in " for 2009 and 2010, and St. John's University's Leader of the Year in 2006. Plumeri has also engaged in , supporting institutions like the through multimillion-dollar donations for scholarships and awards, serving on boards including the , and owning the team to aid local waterfront revitalization.

Early Life and Education

Upbringing in Trenton

Joseph J. Plumeri II was born on July 7, 1943, in , to Samuel J. Plumeri Sr. and Josephine Vaccaro Plumeri, whose family heritage stemmed from Sicilian immigrants who arrived in the United States in 1892. He grew up in North Trenton's blue-collar neighborhood amid a working-class environment populated by Italian-American families, African-Americans, and other immigrant groups, where economic opportunities were tied to local industry and municipal roles rather than expansive narratives of effortless ascent. His father's career as a laborer-turned-businessman and former Trenton City Commissioner exemplified resilience in a city dependent on and , instilling in Plumeri an emphasis on and persistent effort over reliance on external aid. Samuel Plumeri Sr. pursued entrepreneurial ventures, including attempts to secure a minor league franchise for Trenton by for a $16 million stadium, navigating repeated rejections from city officials and team owners yet maintaining daily preparation for work—hanging his suit and shirt each evening as a ritual of unwavering commitment. This exposure to tangible barriers in local business dynamics cultivated Plumeri's pragmatic outlook, prioritizing individual initiative and realism about socioeconomic constraints in mid-20th-century industrial New Jersey.

Academic Background and Early Influences

Plumeri earned a degree in and education from The in 1966. His undergraduate emphasized historical , which cultivated skills in evaluating causal relationships and long-term patterns, though without specialized focus on . As a student, Plumeri captained both the and football teams for the , experiences that honed his and competitive drive—qualities later evident in his business pursuits. These extracurricular roles complemented his academic training by fostering practical decision-making under pressure, rather than relying on theoretical abstractions. Plumeri pursued no advanced degrees, attending part-time starting around 1968 but ultimately forgoing completion to enter professional roles directly. This path highlighted his preference for empirical, on-the-ground application over extended formal credentialing, aligning with a self-directed development that prioritized verifiable outcomes in over institutional pedigrees.

Professional Career

Initial Roles in Finance (1968–1993)

Plumeri entered the finance industry in 1968 by securing a part-time position at Carter, Berlind & Weill, a small Wall Street brokerage firm founded by Sanford Weill, while attending New York Law School; he had mistakenly believed the firm was a law practice and walked in seeking employment on July 8 of that year. Initially focused on sales roles, Plumeri navigated the firm's growth amid the turbulent 1970s markets, characterized by oil shocks, stagflation, and regulatory changes like the end of fixed commissions in 1975, which intensified competition in brokerage operations. As the firm evolved through mergers—first with Shearson in 1979 and later with in 1984—Plumeri advanced into management positions, emphasizing performance-driven sales s over reliance on regulatory protections or government interventions. By the mid-1980s, he had risen to senior executive vice president, overseeing national sales and marketing during events like the 1987 crash, where he managed brokerage resilience without external bailouts, prioritizing client retention and in a consolidating industry. In 1990, Plumeri was appointed president and managing partner of Shearson , directing brokerage operations through early 1990s challenges including recessionary pressures and further merger preparations, demonstrating merit-based progression in a meritocratic environment marked by high turnover and performance metrics. His tenure until 1993 underscored a focus on internal metrics like revenue per broker and gains, avoiding dependencies on cronyist favors amid Wall Street's wave of consolidations and regulatory scrutiny.

Smith Barney and Primerica Leadership (1993–1999)

In 1993, Plumeri assumed the role of president at Smith Barney, succeeding in a leadership capacity amid the firm's strategic repositioning under Sanford Weill's Travelers Group following its repurchase from . His tenure emphasized and retail brokerage expansion, aligning with broader efforts to democratize access beyond traditional high-net-worth clients. By 1995, Plumeri shifted to Financial Services as chairman and , a position he held through 1999, overseeing the unit's focus on and mutual funds distributed via a structure. This model recruited part-time agents from middle-class backgrounds to sell simplified financial products directly to similar demographics, enabling rapid network expansion to over 200,000 representatives by the late and prioritizing accessibility over conventional agent training costs. Sales volumes surged as a result, with achieving net income of $398 million on $1.65 billion in net sales by 1998, reflecting nearly doubled profitability from 1994 levels through scaled distribution rather than premium pricing. While the approach drove empirical growth in policy issuances among underserved households—countering perceptions of as an elite domain—the decentralized led to high attrition, mirroring industry norms where five-year agent retention hovered around 11% due to the reliance on commission-only, non-professional forces as a causal for broad . Plumeri's motivational rallies, often drawing tens of thousands, reinforced this "everyday investor" , fostering cultural buy-in despite structural churn.

Citigroup Tenure (1999–2000)

Following the formation of through the 1998 merger of Citicorp and Travelers Group, Plumeri assumed the role of CEO of in 1999, where he directed the integration of consumer banking operations across the combined entities. This effort encompassed aligning the retail branch networks, with Plumeri overseeing approximately 450 branches of alongside Financial Services, 's subsidiary emphasizing agent-led distribution of financial products such as and mutual funds. His responsibilities extended to global consumer businesses, aiming to leverage synergies between Citicorp's established banking infrastructure and Travelers' (including 's) more entrepreneurial, sales-oriented approach. The integration process highlighted tensions inherent in large-scale mergers, including reported morale issues stemming from overlapping roles and differing operational cultures between traditional deposit-taking banks and commission-driven sales models like Primerica's. Plumeri contributed to streamlining these consumer finance segments, though quantifiable metrics such as cost savings or revenue uplift from the specific Primerica-Citibank alignment remain undocumented in ; broader integration efforts post-merger yielded mixed results amid executive turnover and strategic adjustments. Plumeri departed by the end of 1999, transitioning to the chairmanship and CEO role at Holdings in October 2000, as part of broader realignments in the financial conglomerate. This exit reflected causal frictions in mega-mergers, where ambitious consolidations often strain cultural and operational cohesion without guaranteed efficiencies, a pattern observed in 's early years under Sanford Weill.

Willis Group Holdings (2000–2013)

Joseph J. Plumeri joined Holdings as chairman and on October 15, 2000, following a 32-year career at Inc. and its predecessors. He succeeded John Reeve, becoming the first non-British leader of the firm, which was then privately owned by Kohlberg Kravis Roberts & Co. Under Plumeri's direction, Willis returned to public ownership via an in 2001, expanding its global footprint to over 400 offices in nearly 120 countries with approximately 17,000 employees. Plumeri's tenure emphasized organic expansion alongside targeted acquisitions to bolster Willis's position as a top global . The company achieved consistent revenue growth, with brokerage fees increasing through sector-leading organic performance even amid economic pressures, such as reporting 7.5% organic growth in the fourth quarter of one challenging year despite overall losses. A deal was the $2.1 billion acquisition of U.S. rival Hilb, Rogal & Hobbs in , ranked among the decade's largest brokerage transactions and enhancing Willis's North American presence. Beyond mergers, Plumeri pursued high-profile branding initiatives, including securing in 2009 to rebrand Chicago's Tower—then the Western Hemisphere's tallest building—as the , a move that elevated the company's international visibility at a cost of $800 million over 15 years. These efforts contributed to improved returns during his leadership. Plumeri announced his departure as CEO in October 2012 after 12 years, with Casserley named successor effective January 2013; he retained the chairmanship until mid-2013.

Strategic Growth and Acquisitions

Under Plumeri’s leadership starting in October 2000, Holdings pursued aggressive expansion through targeted acquisitions to bolster its global footprint and revenue base, particularly in and brokerage. A pivotal move was the 2003 acquisition of Ital Re SpA, an Italian reinsurance broker, which enhanced Willis's capabilities in the European reinsurance market for an undisclosed sum. This aligned with Plumeri's emphasis on complemented by bolt-on deals to capture specialized expertise and client portfolios. The cornerstone of this strategy culminated in the $2.1 billion acquisition of Hilb Rogal & Hobbs (HRH) in 2008, one of the largest insurance brokerage transactions of the decade, completed on October 1. The deal more than doubled Willis's North American revenues by integrating HRH's extensive and operations, adding over 200 offices and a client base focused on middle-market segments. Plumeri positioned the acquisition as transformative for scaling Willis's competitive edge against rivals like , though it later faced integration challenges including producer departures and legacy fraud issues that impacted short-term profitability. These acquisitions contributed to sustained revenue expansion, with Willis reporting underlying revenue growth exceeding industry peers during Plumeri's tenure, driven by a mix of new business wins and acquired assets. By emphasizing complementary deals that filled geographic and product gaps, Plumeri shifted Willis from a KKR-owned entity—publicly listed again in under his oversight—toward a diversified brokerage powerhouse, though the HRH integration underscored risks in large-scale M&A within a consolidating sector.

Industry Reforms and Challenges

During Joe Plumeri's tenure as CEO of Willis Group Holdings from 2000 to 2012, the company confronted significant regulatory scrutiny stemming from investigations into insurance brokerage practices, particularly contingent commissions and bid-rigging allegations led by New York Attorney General Eliot Spitzer. In October 2004, Willis became the first major broker to abolish contingent commission agreements with carriers for North American operations, a move aimed at eliminating potential conflicts of interest where brokers received payments from insurers based on volume or profitability of placed business. This reform preceded broader industry shifts and was positioned by Plumeri as a proactive step toward greater accountability, though it followed disclosures of internal issues including fraudulent overstatements of revenue in a Chicago office spanning six years, contributing to substantial financial losses for the firm. In April 2005, Willis agreed to a $50 million settlement with Spitzer's office and other regulators, including restitution to clients and commitments to enhance transparency, such as disclosing all fees and commissions to customers without admission of wrongdoing. Plumeri publicly advocated for industry-wide changes, emphasizing "transparency" as essential to rebuilding trust through open explanations of broker compensation and client relationships, a stance he reiterated in speeches urging brokers to confront post-scandal reforms voluntarily. These efforts differentiated Willis from peers like Marsh & McLennan, which faced larger penalties, but drew criticism from some industry groups, such as the Professional Insurance Agents association, which questioned the implications of Plumeri's endorsements of banning contingency fees. Beyond regulatory pressures, Plumeri highlighted evolving industry challenges, including post-9/11 disruptions that reshaped risk landscapes and slowed broker consolidation amid economic downturns. He identified top risks such as geopolitical instability, cyber threats, and vulnerabilities in 2009 addresses, arguing businesses must adapt through transparent rather than traditional models. These reforms and responses bolstered Willis's reputation for under Plumeri, facilitating growth despite ongoing competitive and operational hurdles like integration from acquisitions.

Post-Executive Roles (2013–Present)

Following his departure as non-executive chairman of Willis Group Holdings in July 2013, Plumeri joined Kohlberg Kravis Roberts & Co. L.P. (KKR) as a senior advisor in August 2013, leveraging his industry expertise to support the firm's portfolio companies and strategies. In conjunction with this role, he was appointed to the of , a major payments processing company owned by KKR at the time, where he contributed to governance and strategic oversight in . Plumeri advanced to vice chairman of First Data's board in May 2014, a position in which he advised on operational leadership and industry challenges until the company's acquisition by Inc. in July 2019. His ongoing senior advisory role at KKR has focused on and sectors, drawing on his prior executive experience to guide investments and executive transitions. In May 2025, Plumeri was named chairman and investor at Insurance Advisory Partners LLC (IAP), a specializing in mergers, acquisitions, and capital raising for , insurtech, and related services firms; he officially commenced the role in September 2025 to enhance strategic advisory and deal execution capabilities. This appointment aligns with IAP's growth objectives, positioning Plumeri to apply his brokerage and leadership background to facilitate high-value transactions in a consolidating industry.

Advisory Positions at KKR and First Data

In August 2013, following his departure from Holdings, Joseph J. Plumeri was appointed as a senior advisor to Kohlberg Kravis Roberts & Co. L.P. (KKR), a global investment firm, to provide strategic guidance on opportunities in and sectors, drawing on his extensive executive experience. This role positioned Plumeri to assist KKR in evaluating and executing investments, particularly in areas aligned with his prior leadership in brokerage and . Concurrently with his KKR appointment, Plumeri joined the board of directors of , a KKR portfolio company specializing in payment processing and business solutions. In May 2014, he was elevated to vice chairman of the First Data board, where he advised on governance, strategy, and operations amid the company's efforts to recover from its 2007 by KKR and others. Plumeri's involvement supported First Data's growth initiatives until its $22 billion acquisition by in July 2019, after which his formal board role concluded. These positions underscored Plumeri's transition to advisory functions, leveraging his operational expertise to influence private equity-backed enterprises without day-to-day management responsibilities.

Chairmanship at Insurance Advisory Partners

In September 2025, Joseph J. Plumeri assumed the role of chairman and investor at Insurance Advisory Partners (IAP), a New York-based founded in 2021 that specializes in , capital raising, and strategic advisory services for the insurance, insurance services, and insurtech sectors. IAP, led by executives including former Willis Group Holdings alumni such as Tony Ursano, has facilitated notable transactions including those involving CRC Group, The Baldwin Group Inc., and Hamilton Insurance Group Ltd. Plumeri's appointment, announced on May 27, 2025, and effective September 1, 2025, leverages his extensive experience as former chairman and CEO of Holdings from 2000 to 2012, where he expanded the firm into the third-largest by revenue, and his prior roles including CEO of North America. IAP President Tony Ursano stated that Plumeri "will enable us to raise the bar even further" in delivering high-quality advice and service to clients. Plumeri remarked, "I am excited to join this exceptional group as we drive the next phase of the company’s growth," emphasizing his intent to enhance IAP's global footprint amid ongoing industry consolidation and innovation in insurtech.

Business Philosophy and Industry Impact

Core Principles of Leadership

Plumeri employs the of "playing in traffic" to encapsulate his advocacy for embracing calculated risks and proactive ambition in , urging individuals to engage directly with opportunities amid potential challenges rather than sidestepping them for safety. In a 2009 , he described his career successes as stemming from this approach: "Everything that I have done I’ve done because I went out and I played in traffic and something happened," highlighting how bold pivots and team-building initiatives enabled breakthroughs that more cautious strategies might forego. This principle underscores a first-principles emphasis on action-oriented execution driven by personal passion, evidenced across his professional trajectory in and brokerage. Central to Plumeri's is prioritizing belief in over mechanistic processes, cultivating environments where stems from intrinsic value and contribution rather than top-down mandates. He asserts the capacity to "get to do things that they never believed they could do" by fostering authentic engagement, such as through regular personal outreach like brief calls or handwritten notes to associates, which he dedicates 25 to 30 percent of his time to implementing. This people-centric model, detailed in his 2015 The Power of Being Yourself, promotes high-morale cultures that yield superior outcomes, as seen in his tenures at and Holdings, where emphasis on shared humanity and self-expression outperformed process-heavy alternatives. Plumeri rejects narratives of external victimhood in business, instead championing causal wherein leaders and teams own outcomes through disciplined self-responsibility and avoidance of excuses. He warns that a leader's "bad day" reverberates across the , necessitating constant personal to model resilience and focus on controllable factors like vision articulation and growth mindset. This principle aligns with his broader advocacy for passion-fueled agency, as outlined in speeches and writings, where success derives from rejecting passivity and committing to iterative learning from actions rather than blaming externalities.

Advocacy for Transparency in Insurance

In October 2004, amid investigations by New York Attorney General into bid-rigging and undisclosed contingent commissions in the insurance brokerage sector, Plumeri led Holdings to become the first major broker to voluntarily commit to ending the acceptance of such commissions, which are performance-based payments from insurers that can incentivize brokers to prioritize insurer interests over client needs. This move preceded similar disclosures by competitors and contributed to broader industry scrutiny, prompting regulatory reforms such as New York's 2005 proposed rules on broker compensation transparency, which Plumeri publicly commended for advancing merit-based practices free from hidden incentives. Post-reform data from state-level implementations showed a decline in reported conflicts, with contingent commission arrangements dropping significantly across brokerages by 2006 as disclosures became mandatory in multiple jurisdictions, reducing opportunities for insurer capture of broker . Plumeri's stance extended to advocating for the outright abolition of contingent commissions industry-wide, arguing in 2005 that they undermined broker regardless of firm size, from global players to local agents, and should be eliminated to restore client trust. He reiterated this in 2009, vowing that Willis would never resume accepting them even if rivals did, positioning transparency as essential for ethical broking and long-term viability. Empirical outcomes included sustained client retention gains for compliant firms; for instance, Willis reported organic revenue growth averaging 10-15% annually in the years following the reforms, attributable in part to enhanced perceptions of , as brokers focused on client-centric placements rather than volume-driven insurer bonuses. General industry metrics post-2004 indicate average brokerage retention rates stabilizing around 85-90%, with transparent firms outperforming peers in renewals by emphasizing alignment over conflicted incentives. In recognition of these efforts to combat in compensation structures, Plumeri received the Insurance Federation of New York's Free Enterprise Award in , honoring his leadership in promoting competitive, disclosure-driven practices that empirically curbed conflicts and fostered merit-based competition. This award underscored the causal link between ending opaque bonuses and reduced litigation risks, as evidenced by a sharp drop in broker-related lawsuits from over 100 in 2005 to fewer than 20 by , correlating with widespread adoption of independence-focused reforms. Plumeri's advocacy highlighted how such transparency not only mitigated regulatory penalties but also drove operational efficiencies, with Willis achieving revenue increases from $2.4 billion in 2004 to over $4 billion by 2013 through client-focused strategies untainted by insurer dependencies.

Criticisms and Counterarguments

Critics of 's structure, which Plumeri led as chairman and CEO from 1995 to 1999, have highlighted high agent attrition rates, often exceeding 80% in the early years of , as evidence that the model disproportionately benefits top-tier participants at the expense of novice agents who face steep failure odds. This approach has drawn comparisons to pyramid schemes, with detractors arguing it prioritizes over sustainable sales. Counterarguments emphasize that the structure expanded access to for middle-income households underserved by traditional carriers, enabling to scale operations amid competitive pressures from established insurers. Plumeri's tenure at Holdings (2000–2013) faced scrutiny for his aggressive public defenses during industry controversies, such as his 2005 comments at the Risk and Insurance Management Society conference criticizing regulators and peers over contingent commissions, which ignited backlash from trade groups like the Professional Insurance Agents association amid post-scandal probes into bid-rigging. Such rhetoric was viewed by some as overly combative, potentially exacerbating reputational risks in a sector recovering from ethical lapses. However, Willis sustained organic revenue growth of 8% in key periods under his leadership, alongside that expanded margins during economic downturns, demonstrating resilience against regulatory and media headwinds. Skepticism toward Plumeri's expansionist strategy at Willis included concerns over , such as the $2.1 billion acquisition of Hilb Rogal & Hobbs in 2008, which some analysts flagged as risking over-leverage in a consolidating market prone to integration challenges. Pre-merger financials rebutted fears of inherent overreach, with Willis posting of $108 million in the fourth quarter of 2004 and consistent quarterly profitability gains in prior years. Plumeri himself has encountered no major personal scandals, with criticisms largely confined to tactics rather than individual misconduct.

Sports and Community Involvement

Ownership of Trenton Thunder

In 1993, Joseph J. Plumeri II, alongside partners Joseph Finley and Joseph Caruso, assembled an investment group to acquire the Double-A franchise previously based in , as the Detroit Tigers' affiliate, and relocated it to , where it commenced operations as the in 1994 at the newly constructed Waterfront Park stadium. The $16 million facility, financed through Mercer County bonds backed by a state loan, positioned the team as a catalyst for local economic activity, drawing consistent crowds that averaged 5,516 attendees per game in 2015, totaling nearly 400,000 fans annually and generating revenue from tickets, concessions, and sponsorships. Under Plumeri's managing partnership, the ownership emphasized operational efficiencies and facility enhancements, including taxpayer-supported upgrades exceeding millions in cumulative investments, to sustain profitability in regional sports amid fluctuating . The Thunder's tenure as the New York Yankees' Double-A affiliate from 2003 to 2020 exemplified entrepreneurial risk in sports ownership, with Plumeri leveraging the team's success to underscore the viability of community-tied investments yielding measurable returns, such as ancillary developments including a nearby arena spurred by the ballpark's draw. Attendance metrics under this ownership demonstrated resilience, contributing to Trenton's economic revitalization through direct spending and indirect multipliers, though profitability remained contingent on affiliation stability and local subsidies. Following the Yankees' departure to the in 2021, the team transitioned to the independent , where it continued to post strong figures, averaging over 6,000 fans per game in early 2024 homestands, affirming the model's adaptability without major league backing. Plumeri's approach prioritized long-term revenue streams over short-term fandom, treating the franchise as a asset that modeled calculated risks in niche markets.

Restaurant Venture and Local Ties

In December 2001, Joseph J. Plumeri II co-opened Plumeri, an Italian restaurant at 121 Hudson Street in Manhattan's TriBeCa neighborhood, in partnership with his son Jay Plumeri, who had prior experience managing establishments like the River Cafe. The venture emphasized Tuscan-inspired cuisine, drawing on the Plumeri family's Italian-American heritage rooted in Plumeri's Trenton, New Jersey, birthplace, where he grew up amid a community with strong ethnic ties. The opening faced immediate headwinds from the September 11, 2001, attacks, which delayed the debut and disrupted TriBeCa's foot traffic and economic recovery. Despite these challenges, the restaurant operated briefly as a family-led effort to blend Plumeri's business acumen with Jay's hospitality expertise, though it lacked expansion plans and prioritized personal involvement over scalable growth. Plumeri closed in March 2003 after roughly 15 months, attributable to post-9/11 market conditions, operational costs, and the inherent volatility of the sector, underscoring risks in diversifying from core expertise into without sustained viability. This episode highlighted empirical limits on entrepreneurial side ventures, as no subsequent chain or revival materialized from the Plumeri brand, contrasting with Plumeri's longer-term commitments in Trenton like co-ownership of the local baseball team. The short-lived project reinforced his ties to Italian culinary traditions from his Trenton upbringing but did not yield enduring community infrastructure there.

Philanthropy

Major Contributions and Initiatives

Plumeri donated $3 million in 2011 to the of , the largest single gift in the chapter's history, to fund the Samuel & Josephine Plumeri Wishing Place as its permanent headquarters in Monroe Township; this facility, opened in December 2011, has enabled enhanced wish-granting operations, including events and logistics for fulfilling dreams of children with critical illnesses, with the chapter granting over 1,000 wishes annually by the mid-2010s. In 2008, he pledged $2 million to the to create the Plumeri Awards for Faculty Excellence, disbursed as $200,000 annually over 10 years to honor educators demonstrating passion, vision, and ; the awards, increased to $20,000 per recipient in 2019, support and have recognized dozens of faculty members, contributing to sustained improvements in teaching and research that benefit student outcomes. As a board member of the , Plumeri chaired its 2013 capital campaign for the Jackie Robinson Museum and pledged $2 million personally toward the $42 million target, bolstering an organization dedicated to minority youth education through renewable college scholarships that cover tuition and provide mentoring; these scholarships, emphasizing academic merit and leadership, have enabled recipients to achieve degrees and career independence, with the foundation supporting thousands of students since 1973.

Verifiable Outcomes and Skeptical Assessments

Plumeri's establishment of the Plumeri Awards for Faculty Excellence at William & Mary, funded by a $2 million commitment, has recognized 256 recipients as of 2025, with university reports attributing enhancements in , , and mentorship to these awards, including initiatives like reimagined summer programs and student health projects. Specific metrics tying these to enrollment or retention gains remain unquantified in public data, even as William & Mary has pursued separate enrollment strategies amid demographic shifts and competition from lower-cost alternatives. Broader efficacy is questioned given stagnant or pressured retention rates at public liberal arts institutions, where faculty incentives alone do not offset escalating operational costs or burdens averaging $30,000 per graduate nationally. Involvement with the , where Plumeri serves in a capacity, supports yielding a reported near-100% graduation rate among recipients through combined financial aid and mentoring. Foundation scholars have entered fields including , with over $70 million disbursed since 1973 enabling attendance at 225 institutions, yet longitudinal studies show minority graduates face ongoing barriers like network exclusion and hiring biases, limiting proportional advancement in high-income sectors despite individual placements. Skeptics of elite-directed , including endowments and targeted scholarships, argue such efforts often function as reputational signaling for donors rather than scalable solutions, with causal impact diluted by selection effects where aided individuals might succeed absent intervention. This view is countered by foundation data linking direct support to graduate outcomes, though rigorous counterfactual analyses are scarce, underscoring challenges in isolating from broader socioeconomic drivers.

Political Engagement

Considerations for Public Office

In June 2013, following the death of U.S. Senator on June 3, Plumeri, a Trenton native with longstanding community involvement in , explored a potential candidacy for the state's special U.S. as a Republican. He contacted key Republican leaders to express interest and assess viability, leveraging his business leadership credentials and local roots. Despite this outreach, Plumeri did not formally enter the race, which was ultimately won by Democrat in a August 13 special . Plumeri's brief political flirtation highlights a business-oriented perspective on , where decisive execution in competitive markets contrasts with the compromises and delays often inherent in legislative processes. His public speeches consistently promote free-market principles, stressing personal agency and risk-taking over bureaucratic dependence; for instance, in a 2015 commencement , he advised graduates to "go out and play in traffic," symbolizing proactive immersion in opportunities rather than sidelined observation. This entrepreneurial suggests skepticism toward political , positioning private-sector efficacy as preferable for tangible results, though untested in elected office. Lacking formal party affiliations or prior political campaigns, Plumeri's considerations reflect pragmatic anti-cronyism, informed by experiences confronting institutional inertia, without overt partisan alignment. Viability assessments through a lens note his proven scalability in leading global enterprises—evidenced by revenue growth and turnarounds—but question adaptability to electoral demands (estimated at $20-30 million for competitive races) and coalition-building amid polarized governance. No subsequent explorations of public office have been reported, underscoring a for influence via and enterprise over electoral paths.

Alignment with Free Enterprise Views

In 2011, Joseph J. Plumeri received the Free Enterprise Award from the Insurance Federation of New York, honoring his leadership in advancing market-driven practices within the industry, including Willis Group's $2.1 billion acquisition of Hilb Rogal & Hobbs in , the largest brokerage deal of the prior decade. This recognition underscored his emphasis on competitive dynamics over prescriptive controls, aligning with broader advocacy for private sector innovation as the engine of economic progress. Plumeri consistently portrayed insurance as integral to capitalist systems, stating that it constitutes "the DNA of capitalism" by enabling , , transportation, and commerce without which no economic activity occurs. He critiqued government overreach by asserting that "government does not create jobs or prosperity" but must instead support private enterprise's capacity to do so, positioning as a rather than a barrier to market competition. In a address to the UK's , he endorsed principles-based for worldwide adoption, arguing it promotes flexibility and innovation by prioritizing outcomes over rigid rules, thereby allowing competitive forces to address risks more effectively than exhaustive compliance mandates. Plumeri's speeches highlighted individual agency as central to free enterprise success, urging entrepreneurs to exercise personal responsibility in value creation and community rebuilding, as seen in his calls for leaders to drive post-crisis recovery through initiative rather than reliance on interventions. This perspective posits competition's causal mechanism—filling value gaps via private —as superior to policy-induced equalization, evidenced by his emphasis on brokerage transparency and client-centric adaptations that spurred industry advancements during economic turmoil.

Personal Life

Family and Relationships

Joe J. Plumeri was first married to Nancy Elizabeth Walton, with their engagement announced on September 12, 1965. The couple raised three children: Christian J. Plumeri (deceased), Jay Plumeri, and Leslie Plumeri. Nancy Walton Plumeri, who later became his former wife, passed away survived by sons Jay (married to Rowaida Plumeri) and daughter Leslie, along with grandchildren including Elizabeth and Jackson. Plumeri is currently married to Susan Edgerton Plumeri and resides with her in , , and . He is the grandfather of six grandchildren. Plumeri's family life has remained low-profile, with no reported public divorces beyond the separation from Nancy or associated scandals, diverging from patterns often seen among high-profile executives. Born on July 7, 1943, in , to Samuel J. Plumeri Sr. (a local businessman and city commissioner who died in 1998) and Josephine Plumeri (who died in 2012), Plumeri hails from a third-generation Italian-American family. His grandfather immigrated from around 1903, shaping a background in a blue-collar, ethnically diverse North Trenton neighborhood that emphasized resilience amid modest circumstances. This heritage informed his upbringing alongside family values of hard work, as reflected in biographical accounts of his early life.

Awards and Recognitions

Plumeri received the in 1994, recognizing his achievements as a leader of Italian heritage and contributions to ethnic diversity in American enterprise. In 1996, the awarded him the Alumni Medallion for his professional accomplishments and service to the institution, reflecting his progression from alumnus to global executive. Treasury & Risk magazine included Plumeri on its list of the 100 Most Influential People in in 2009, citing the revenue growth at Holdings from acquisitions like Hilb Rogal & Hobbs, and again in 2010 for continued strategic expansions that enhanced the firm's market position amid industry challenges. The Information Institute recognized Plumeri's leadership in the sector, particularly his role in navigating post-reform environments that improved transparency and operational standards in insurance brokerage following regulatory changes in the early 2000s. In 2006, St. John's University School of named him Insurance Leader of the Year, based on metrics of firm growth and innovation under his tenure at Willis, which saw revenues exceed $2 billion annually by that period. These industry honors underscore verifiable performance in revenue expansion and structural reforms rather than extraneous factors.

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