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Hewitt Spins-Off Part of Its Executive Compensation Consulting Business as Meridian Compensation Partners
MR - Hewitt Associates has divested a portion of its North American executive compensation consulting business, forming Meridian Compensation Partners LLC. Under the agreement, a number of principals and consultants will be leaving Hewitt to form Meridian. Staff departures will be staged between February and October 2010. The move addresses regulatory changes in the U.S. related to transparency and objectivity of advisory relationships, and conflicts they may pose. Hewitt and Meridian say the firm will operate as an independent executive compensation advisor. There will be no cross-ownership interest held by principals of either entity, according to Meridian sources. Hewitt says it will continue to serve board clients that are comfortable with its current controls in place to ensure independence of executive compensation advice, or where fee disclosure is not a material issue. (732 words) . . . (to read the remainder of this article, please log in below.)
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