GLOBAL - Pensions consulting and human resources firm Hewitt Associates has named Bisys Group's Russell Fradin to replace Dale Gifford as chairman and chief executive.

The Illinois-based company said Fradin, 51, was most recently president and CEO at the financial services outsourcing firm. He'll take up his new role on September 5. He has a reputation for "tackling tough issues".

Last week Hewitt said it was delaying its third-quarter earnings announcement due to "allow for completion of the previously announced review of its human resources business process outsourcing contract portfolio, as well as other accounting and tax items".

Hewitt announced Gifford's departure, and that of top HR executive Bryan Doyle, in June - as well as a review of its earnings guidance.

Fradin "brings a strong combination of outsourcing, operations and strategic consulting experience to Hewitt" the company said. He's also worked at Automatic Data and McKinsey and Co.

"We are extremely pleased that Russ has accepted the opportunity to join Hewitt Associates as chairman and CEO," said Hewitt's lead director Cheryl Francis.

"He is a proven leader with a unique blend of experience and skills that are a perfect complement to Hewitt's core businesses.

"Furthermore, his passion for our industry and reputation for tackling tough issues and achieving results will serve Hewitt's clients, associates and stockholders very well."

Fradin has a degree in economics from the University of Pennsylvania and an MBA from Harvard Business School.
 
Fradin said: "Hewitt is a well-established name and a highly regarded industry leader that excels at serving an impressive group of clients.

"I am energized by the opportunity to build on this foundation to create more value and, ultimately, to position Hewitt for long-term profitable growth and a stronger future for clients, associates and stockholders."

Thirty-year Hewitt veteran Gifford, CEO since 1992, will remain until September 30.

He said: "Now is the appropriate time to hand the reins over to a new leader and I have every confidence that Russ will effectively lead Hewitt through the next stage of its development."

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