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Aon CFO Resigns

David Bolger, who oversaw restatements stemming from backdated stock options granted several years before he joined the company, announces plans to...
Stephen TaubMay 23, 2007

Aon, the worlds’s second largest commercial insurance broker, announced that chief financial officer David P. Bolger, who also holds the titles of executive vice president and chief administrative officer, plans to leave the company. However, Bolger will remain CFO until Aon secures his successor, and will stay with the company for a period of time after the appointment to ensure an orderly transition.

Bolger joined the insurance broker in January 2003. Previously, he served in various senior positions at Bank One and its predecessor companies, including American National Bank and First Chicago.

“Dave’s performance has exceeded my highest expectations,” said executive chairman Patrick G. Ryan, in a statement “He has earned the respect of Aon colleagues and shareholders, and the company is much stronger for his time here.” President and chief executive officer Gregory C. Case added that “Dave has been central to the success Aon has achieved in recent years.”

A company spokesman told CFO.com that Bolger was not available to comment on the reason for his departure or his future plans.

This past February, the company disclosed that incorrect measurement dates for stock options granted in 2000 and earlier “appeared to have been used for financial accounting purposes.” Those grants predated Bolger’s tenure by three years, and a review by Aon’s audit committee found no misconduct by current or former management or directors.

The following month, Aon announced that it would restate its financials for 2003, 2004, 2005, and the first three quarters of 2006. Although those financial statements were released during Bolger’s term, the restatements were the result of adjustments to compensation expenses and tax figures stemming from the incorrect dating of options in 2000.