Marsh Head To Retire
NU Online News Service, Oct. 1, 11:40 a.m. EST?John T. Sinnott, chairman and chief executive officer of Marsh Inc., will retire next year.
The announcement came today in a statement from New York City-based Marsh & McLennan Companies Inc., the parent company.
Ray J. Groves, currently president and chief operating officer of Marsh, will succeed Mr. Sinnott, 63, when he retires in July 2003.
Although Mr. Sinnott is retiring, he will continue his relationship with the firm as a special advisor, said Jeffrey W. Greenberg, chairman of MMC.
Mr. Sinnott's leadership of Marsh, said Mr. Greenberg, "has been extraordinary. He guided the firm through the difficult operating environment in the 1990's; the successful consolidation of two large mergers; the Sept. 11 attacks and their aftermath; and the changing marketplace for commercial insurance.
Mr. Groves, 67, became a member of the board of directors of MMC in 1994 after his retirement from Ernst & Young, where he served as chairman and chief executive officer for 17 years, MMC said. He joined MMC as a senior advisor in Aug. 2001, and became president and chief operating officer of Marsh in October of that same year.
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