PDF of Press Release
NEW YORK--(BUSINESS WIRE)--Sep. 21, 2009--
Marsh & McLennan Companies, Inc. (MMC) today said it has reached
agreement with President and CEO Brian Duperreault to extend his
employment with MMC through January 2014. Mr. Duperreault was named
President and CEO of MMC on January 30, 2008.
“I am extremely pleased to announce this positive development,” said
Stephen R. Hardis, Chairman of MMC’s Board of Directors. “Since arriving
at MMC, Brian Duperreault has done a tremendous job – not only in
stabilizing the Marsh & McLennan franchise but in leading the company
through one of the worst economic periods in the past century. In a very
short timeframe, he has proven his ability to produce results at MMC.
This contract extension will allow Brian to bring the initiatives he has
already begun through to completion.
“On behalf of the Board of Directors, let me say we are very pleased
with his performance thus far and look forward to his continued
leadership,” Mr. Hardis said.
Under the terms of the new agreement, Mr. Duperreault’s employment with
MMC is extended an additional three years to January 29, 2014; the
original term of employment was scheduled to expire on January 29, 2011.
The agreement also is intended to help provide for an orderly transition
if Mr. Duperreault’s successor is identified prior to the end of Mr.
Duperreault's employment term.
Mr. Duperreault commented: "I am grateful to the Board for their
confidence in me. I, in turn, have the utmost confidence in the
hardworking people of Marsh & McLennan; they are the foundation on which
we are rebuilding this great company.”
Prior to joining MMC, Mr. Duperreault served as CEO of ACE Limited, the
Bermuda-based insurer MMC helped found in 1985, from 1994 to 2004. He
then served as Chairman of the Board from 2004 to 2007. Under his
leadership, ACE grew from a boutique catastrophe insurance specialist
into a global multi-line commercial enterprise. He presided over
significant organic growth as well as the acquisition of several
businesses, including the 1999 acquisition of Cigna’s property and
casualty business. Prior to ACE, Mr. Duperreault was with American
International Group for more than 20 years, holding numerous positions
and eventually rising to become Executive Vice President of AIG Foreign
General Insurance and Chairman and Chief Executive of AIG’s American
International Underwriters (AIU), which comprised all of AIG’s non-U.S.
commercial business.
MMC is a global professional services firm providing advice and
solutions in the areas of risk, strategy and human capital. It is the
parent company of a number of the world’s leading risk experts and
specialty consultants, including Marsh, the insurance broker and risk
advisor; Guy Carpenter, the risk and reinsurance specialist; Mercer, the
provider of HR and related financial advice and services; Oliver Wyman,
the management consultancy; and Kroll, the risk consulting firm. With
approximately 53,000 employees worldwide and annual revenue of $11
billion, MMC provides analysis, advice and transactional capabilities to
clients in more than 100 countries. Its stock (ticker symbol: MMC) is
listed on the New York, Chicago and London stock exchanges. MMC’s
website address is www.mmc.com.
Source: Marsh & McLennan Companies, Inc.
Media:
MMC
Christine Walton, 212-345-0675
christine.walton@mmc.com
or
Investor:
MMC
Mike
Bischoff, 212-345-5470
jmichael.bischoff@mmc.com
