The company said Glaser will have operational and strategic oversight of Marsh & McLennan's risk and insurance and consulting segments.

In addition, he will have responsibility for the company's technology, business services, and international and client development functions.

Glaser will continue to report to Brian Duperreault, President and CEO of Marsh & McLennan.

Prior to joining Marsh, Glaser was managing director of American International Group Europe (U.K.) Ltd., and a senior vice president of AIG Inc. Glaser began his insurance career with Marsh in 1982 and spent the first ten years of his career in the insurance industry as a Marsh broker.

Replacing Glaser at Marsh, the company named Peter Zaffino, 44, president and CEO of Marsh Inc.

Zaffino was president and CEO of Guy Carpenter, a position he assumed in early 2008.

Prior to being named Guy Carpenter CEO, Zaffino held a number of executive management positions within the firm, including executive vice president, head of U.S. treaty operations and head of global specialty practices. He has more than 20 years of experience in the insurance and reinsurance industry.

Replacing Zaffino as president and CEO of Guy Carpenter is Alexander Moczarski, 55.

Moczarski was president of the international division of Marsh, responsible for operations in all areas of the world outside the U.S. and Canada. He has more than 30 years of experience in the insurance industry and joined Marsh in 1993 from AIG.

Both Marsh and Guy Carpenter are subsidiaries of Marsh & McLennan.

In a statement, Duperreault says Glaser has improved Marsh's results, “dramatically,” improving profitability.

“I have every confidence that Dan will bring the same leadership qualities, strategic thinking and operational excellence to his new role,” he adds.

Explaining the rationale for the move, Duperreault continued, “The first phase of the turnaround we began in 2008 is now complete. After a strong 2010, our goal moving forward is to deliver sustainable growth in revenue and profitability across all of our operating companies. The Board of Directors and I believe that Dan's appointment will allow us to sharpen our focus as an organization and accelerate our progress toward this goal.”

In an analyst's note, Meyer Shields with Stifel Nicolaus observes that Glaser “is well suited for his new role” and that this move could be a “stepping stone” for Glaser succeeding Duperreault “when the time comes.”

Deutsche Bank Securities, noting that this could be part of a succession plan, says the move would give Glaser experience across all parts of the organization and give him more visibility with the investment community.

News of the move appeared to have no negative impact on the companies stock. In morning trading, the company's shares increased 38 cents to $29.78 a share and closed there on the day.

This story was updated at 4:30 p.m. EDT