Glaser to succeed Duperreault as Marsh & McLennan chief
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Brian Duperreault will retire as Marsh & McLennan Cos. Inc.'s president and CEO at the end of this year and be succeeded by Daniel S. Glaser, the company's group president and chief operating officer, effective Jan. 1, 2013, MMC announced Thursday.
Mr. Duperreault, 65, joined MMC in 2008 to lead the brokerage's turnaround after it became the center of a bid-rigging scandal sparked in 2004 by a lawsuit filed by then-New York Attorney General Eliot Spitzer. Marsh settled the suit for $850 million, but its business still struggled in the years that followed.
Prior to joining Marsh, Mr. Duperreault transformed Ace Ltd. from a Bermuda-based excess liability and directors and officers liability insurer into a global insurer and reinsurer. Before joining Ace, he was a long-time executive at American International Group Inc.
“We are immensely grateful to Brian for the significant turnaround the company accomplished under his stewardship,” said Lord Lang of Monkton, chairman of the board of directors of New York-based MMC in a statement announcing Mr. Duperreault's retirement.
“Being part of the turnaround of Marsh & McLennan Cos. has been one of the most gratifying aspects of my career,” Mr. Duperreault said in a statement.
Mr. Glaser joined MMC in 2007 to head retail brokerage unit Marsh Inc. Like Mr. Duperreault, he was a long-time AIG executive, although he had previously worked for MMC.
Upon his retirement as president and CEO, Mr. Duperreault also will retire from the company's board of directors. Mr. Glaser will join the board as a director effective Jan. 1, 2013.
