Towers Watson's CEO sold stock before big deal netting $10m
Concerns over the Towers Watson and Willis Group Holdings merger continue to rage on, with the latest revelation that Towers Watson's CEO, John Haley, netted nearly $10m from selling his shares in March, before the final merger deal was announced on June 30.  Towers Watson shareholders criticized the merger, as they believed it under-valued the company, and feel the big winner appears to be Mr Haley, who is also due to be CEO of the combined company.  "This deal destroys shareholder value" said Driehaus Capital's Matthew Schoenfeld, a Towers Watson investor, who is calling for shareholders to reject the merger.

As Towers Watson & Co. was negotiating a merger earlier this year that would later cause its stock to fall, Chief Executive John Haley netted nearly $10 million from selling the consulting company’s shares.

In early March, when merger talks were under way between Towers Watson TW, -2.01% and insurance broker Willis Group Holdings PLC US:WSH , Haley exercised 106,933 stock options and sold the underlying shares for a $9.7 million profit, according to regulatory filings. The sale was Haley’s first in more than a year and shed 55% of his stake in Towers Watson, which he has expanded into a professional-services powerhouse whose shares have risen 156% since 2010.