March 19, 2008 / 10:59 PM / 11 years ago

UPDATE 1-Aon Chairman, founder Patrick Ryan to retire

(Adds details on search for new chairman, background)

NEW YORK, March 19 (Reuters) - Aon Corp AOC.N, one of the world’s largest insurance brokers, said on Wednesday its founder and executive chairman, Patrick Ryan, would retire effective Aug. 1.

Ryan, 70, founded Aon in 1964, the company said.

“The transition to a new management team under the sound leadership of Greg Case is complete,” Ryan said in a statement.

Case replaced Ryan as CEO about three years ago.

Ryan said in retirement he plans to be an “interested (Aon) shareholder.”

A spokesman said Aon’s board was in the process of deciding on Ryan’s replacement as chairman. (Reporting by Paritosh Bansal and Lilla Zuill)

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