Marsh & McLennan CEO to retire, replaced by COO
NEW YORK (AP) — The president and CEO of Marsh & McLennan Cos. plans to retire. He will be replaced by the company's current group president and chief operating officer.
The consulting and professional services firm, based in New York, said Thursday that Brian Duperreault, 65, will step down and Daniel Glaser will take the reins effective Jan. 1. Glaser also will replace Duperreault on the company's board.
Glaser, 52, originally joined the company 30 years ago, but eventually left to take other senior positions in the commercial insurance and insurance brokerage industry. He rejoined the company in 2007 as chairman and chief executive of Marsh Inc. and became Marsh & McLennan's group president and chief operating officer in April 2011.
Duperreault has more than 40 years of experience in the insurance industry. Before joining Marsh & McLennan, he was chief executive of ACE Ltd. and a member of that company's board.
Citi analyst Keith Walsh backed his "Buy" rating for the company, saying that the move has been expected since Glaser's promotion to chief operating officer 17 months ago.
"Losing someone like Duperreault is a negative, but chief operating officer Glaser is clearly up to the task having earned this position over the last four plus years," Walsh wrote in a note to investors.
Marsh & McLennan shares rose 26 cents to $34.63 in afternoon trading.