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NEW YORK, March 26, 2008 — Marsh & McLennan Companies, Inc. (NYSE: MMC) today said it named Ben Allen as President and Chief Executive Officer of Kroll, the company's risk consulting and technology group.
In his new role, Mr. Allen succeeds Simon V. Freakley, who will serve as Chief Executive Officer of a newly formed MMC corporate advisory and restructuring unit.
"As one of the world's top risk consultants, we require strong leadership across MMC," said Brian Duperreault, President and Chief Executive Officer of MMC. "As our clients increasingly rely on a combination of technology and consulting to help them assess and mitigate risk, Ben is the ideal executive to oversee Kroll. I am also pleased that Simon has agreed to lead corporate advisory and restructuring as a separate consulting business at MMC. This structure gives greater clarity to our organization and will allow us to serve clients more effectively."
Both Mr. Allen and Mr. Freakley will report to Mr. Duperreault.
"I consider it an honor to serve as CEO of Kroll at this important time," Mr. Allen said. "Our clients face new challenges every day and must be able to assess and manage risks to their business quickly. Kroll's unique combination of best-in-class consulting, technology-enabled solutions and global reach allows us to create customized solutions to help clients respond to and mitigate risks that arise from conducting business in a complex environment."
Mr. Allen, based in New York, has managed Kroll's daily operations since being appointed Chief Operating Officer in July 2007. Previously, he was President of Kroll Ontrack, the firm's legal technologies and data recovery unit, since 2001. Prior to Kroll's acquisition of Ontrack, Mr. Allen was President and CEO of ONTRACK Data International, Inc., and served in several roles for that firm including as Chief Operating Officer and general manager of the U.K. and France.
Mr. Freakley said, "We have already seen an increase in the demand for our services in the current economic climate. This reorganization will allow us to focus resources more intently on assisting global clients as they confront increasingly challenging restructuring issues."
Prior to his appointment as President and CEO of Kroll, Mr. Freakley served as President of Kroll's Corporate Advisory & Restructuring Group from September 2002 to October 2004. He has more than 20 years of experience in the corporate advisory arena, including serving as lead administrator to the Federal Mogul Group, one of the largest and most complex cross-border restructuring proceedings in history.
MMC's 400 corporate advisory and restructuring professionals are some of the world's leading specialists in corporate restructuring and interim management. They have advised clients across a wide array of industries, including assignments with American Home Mortgage, Collins & Aikman, Enron, Federal Mogul, Le Meridien and Marconi.
Kroll provides a broad range of investigative, intelligence, financial, security and technology services to help clients reduce risks, solve problems and capitalize on opportunities. Headquartered in New York with offices in more than 65 cities in over 33 countries, Kroll has a multidisciplinary corps of more than 4,800 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies, and individuals.
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 more than 55,000 employees worldwide and annual revenue exceeding $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.
This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events or results, use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "intend," "plan," "project" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, we may use forward-looking statements when addressing topics such as: changes in our business strategies and methods of generating revenue; the development and performance of our services and products; market and industry conditions, including competitive and pricing trends; changes in the composition or level of MMC's revenues; our cost structure and the outcome of cost-saving initiatives; dividend policy and share repurchase programs; the expected impact of acquisitions and dispositions; pension obligations; cash flow and liquidity; future actions by regulators; the outcome of contingencies; the impact of changes in accounting rules; and changes in senior management.
Forward-looking statements are subject to inherent risks and uncertainties. MMC and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, MMC cautions readers not to place undue reliance on its forward-looking statements, which speak only as of the dates on which they are made. MMC undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made. Further information concerning MMC and its businesses, including information about factors that could materially affect our results of operations and financial condition, is contained in MMC's filings with the Securities and Exchange Commission, including the "Risk Factors" section of MMC's annual report on Form 10-K for the year ended December 31, 2007.