Marsh & McLennan Companies, Inc. announced late yesterday that Brian Duperreault, the company's president and chief executive officer will retire at the end of this year.
Duperreault, 65, will be succeeded by Daniel S. Glaser, 52, currently the company's group president and chief operating officer.
Marsh & McLennan says Glaser will become president and CEO effective Jan. 1, 2013.
“We are immensely grateful to Brian for the significant turnaround the company accomplished under his stewardship,” says Lord Lang of Monkton, chairman of Marsh & McLennan in a statement. “Among his many contributions to the company since joining in January 2008, Brian has built a strong executive team, significantly improved the company's operating results, and established a long-term strategy that continues to serve as the foundation for the company's future success.
There is no doubt he will leave Marsh & McLennan Companies in a much stronger position than when he arrived.”
Brian Duperreault was named one of NU's Living Legends of Insurance. Read the story here.
Lord Lang went on to say that the choice of Glaser recognizes his “strong leadership skills and impressive accomplishments” since joining the company in 2007.
“It has been a privilege to serve as president and CEO of Marsh & McLennan Companies,” Duperreault says. “I am proud of what we have accomplished, largely due to the efforts of our leadership team and our dedicated colleagues around the world. Being part of the turnaround of Marsh & McLennan Companies has been one of the most gratifying aspects of my career.”
He went on to praise Glaser, saying they have worked closely together and he is confident in his skills to keep the company running successfully after a “seamless transition.”
Glaser says he is honored to succeed Duperreault and he looks forward to continuing the growth and progress of the company in the future.
The company says with his retirement Duperreault will leave the board. Glaser will join the board when he assumes his new role.
In his nearly 40-year career in insurance, before taking the helm at Marsh & McLennan, Duperreault was CEO of ACE Ltd. He also served in senior executive positions with AIG and its affiliates.
He currently serves as chairman of the Federal Advisory Committee on Insurance. He was inducted into the International Insurance Society's Hall of Fame in 2011.
Glaser was named group president and chief operating officer of Marsh & McLennan in 2011. Prior to his current role, he served as chairman and CEO of insurance broker Marsh, a subsidiary of Marsh & McLennan.
He began his career at Marsh 30 years ago. In his insurance career, he has served in senior positions in commercial insurance and insurance brokerage in the United States, Europe, and the Middle East. He rejoined Marsh in 2007.
Glaser is a former chairman of British American Business and serves on its International Advisory Board.
Duperreault succeeded Michael Cherkasky, who guided Marsh for about two years through a tumultuous period after the company agreed to pay an $800 million fine in 2004 over allegations of kickbacks and bid-rigging brought by then New York Attorney General Eliot Spitzer.
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