By Ben Fox Rubin
Marsh & McLennan Cos. (MMC) said Brian Duperreault will
retire as chief executive and president at the end of the year,
with Chief Operating Officer Daniel S. Glaser succeeding him.
Mr. Glaser was widely expected to be Mr. Duperreault's successor
since being named chief operating officer early last year.
Also, Mr. Glaser will join the board after Mr. Duperreault
retires and leaves his board seat.
Mr. Glaser, 52 years old, has worked as the insurance and
investment-management company's group president and operating chief
since April 2011, with oversight of both the risk and insurance
services and the consulting segments. Before then, he was chairman
and CEO of subsidiary Marsh Inc. Mr. Glaser rejoined the company in
December 2007, where he started working about 30 years ago, after
working in commercial insurance and insurance brokerage in the
U.S., Europe and Middle East.
Mr. Duperreault, 65 years old, was previously chief executive of
insurer Ace Ltd. (ACE) and was a senior executive at American
International Group Inc. (AIG). He was inducted into the
International Insurance Society's Hall of Fame in 2011.
Earlier this month, the company named J. Michael Bischoff as its
chief financial officer, making permanent a role he had held since
March. The previous financial chief, Vanessa Wittman, resigned to
become chief financial officer of Motorola Mobility at Google Inc.
(GOOG).
Last month, Marsh & McLennan said its second-quarter profit
rose on revenue growth in its consulting, and risk and insurance
divisions.
Shares closed Thursday at $34.37 and were inactive after hours.
The stock is up 8.7% year to date.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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