GERMANY - Watson Wyatt Heissmann's new CEO, Rainer Schmidt, is to leave the company by the end of the year, having only assumed the position in May.
Schmidt, an actuary by profession, started at Dr. Dr. Heissmann GmbH 25 years ago, eventually being promoted to the board in 2000 and witnessing the company's acquisition by Watson Wyatt two years ago.
"Rainer Schmidt has been a driving force in the company's development in the last 25 years," said Babloo Ramamurthy, European Manager of Watson Wyatt. "We regret to see him leave Watson Wyatt Heissmann and wish him all the best for the future."
In a statement, Watson Wyatt Heissmann said Schmidt's replacement will be announced soon and that he is leaving voluntarily to pursue other challenges.
The news comes just a few months after it was announced that Watson Wyatt and Towers Perrin are to merge.