MMC Appoints Ben Allen Chief Executive Officer ...
Simon V. Freakley to Lead MMC Corporate Advisory and Restructuring Group
Marsh & McLennan Companies, Inc.
Marsh & McLennan Companies, Inc. (NYSE: MMC) today said it named Ben Allen as
President and Chief Executive Officer of Kroll, the company's risk consulting
and technology group.
In his new role, Mr. Allen succeeds Simon V. Freakley, who will serve as Chief
Executive Officer of a newly formed MMC corporate advisory and restructuring
unit.
'As one of the world's top risk consultants, we require strong leadership across
MMC,' said Brian Duperreault, President and Chief Executive Officer of MMC. 'As
our clients increasingly rely on a combination of technology and consulting to
help them assess and mitigate risk, Ben is the ideal executive to oversee Kroll.
I am also pleased that Simon has agreed to lead corporate advisory and
restructuring as a separate consulting business at MMC. This structure gives
greater clarity to our organization and will allow us to serve clients more
effectively.'
Both Mr. Allen and Mr. Freakley will report to Mr. Duperreault.
'I consider it an honor to serve as CEO of Kroll at this important time,' Mr.
Allen said. 'Our clients face new challenges every day and must be able to
assess and manage risks to their business quickly. Kroll's unique combination of
best-in-class consulting, technology-enabled solutions and global reach allows
us to create customized solutions to help clients respond to and mitigate risks
that arise from conducting business in a complex environment.'
Mr. Allen, based in New York, has managed Kroll's daily operations since being
appointed Chief Operating Officer in July 2007. Previously, he was President of
Kroll Ontrack, the firm's legal technologies and data recovery unit, since 2001.
Prior to Kroll's acquisition of Ontrack, Mr. Allen was President and CEO of
ONTRACK Data International, Inc., and served in several roles for that firm
including as Chief Operating Officer and general manager of the U.K. and France.
Mr. Freakley said, 'We have already seen an increase in the demand for our
services in the current economic climate. This reorganization will allow us to
focus resources more intently on assisting global clients as they confront
increasingly challenging restructuring issues.'
Prior to his appointment as President and CEO of Kroll, Mr. Freakley served as
President of Kroll's Corporate Advisory & Restructuring Group from September
2002 to October 2004. He has more than 20 years of experience in the corporate
advisory arena, including serving as lead administrator to the Federal Mogul
Group, one of the largest and most complex cross-border restructuring
proceedings in history.
MMC's 400 corporate advisory and restructuring professionals are some of the
world's leading specialists in corporate restructuring and interim management.
They have advised clients across a wide array of industries, including
assignments with American Home Mortgage, Collins & Aikman, Enron, Federal Mogul,
Le Meridien and Marconi.
Kroll provides a broad range of investigative, intelligence, financial, security
and technology services to help clients reduce risks, solve problems and
capitalize on opportunities. Headquartered in New York with offices in more than
65 cities in over 33 countries, Kroll has a multidisciplinary corps of more than
4,800 employees and serves a global clientele of law firms, financial
institutions, corporations, non-profit institutions, government agencies, and
individuals.
MMC is a global professional services firm providing advice and solutions in the
areas of risk, strategy and human capital. It is the parent company of a number
of the world's leading risk experts and specialty consultants, including Marsh,
the insurance broker and risk advisor; Guy Carpenter, the risk and reinsurance
specialist; Mercer, the provider of HR and related financial advice and
services; Oliver Wyman, the management consultancy; and Kroll, the risk
consulting firm. With more than 55,000 employees worldwide and annual revenue
exceeding $11 billion, MMC provides analysis, advice and transactional
capabilities to clients in more than 100 countries. Its stock (ticker symbol:
MMC) is listed on the New York, Chicago, and London stock exchanges. MMC's
website address is www.mmc.com.
This press release contains 'forward-looking statements,' as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like 'anticipate,' 'assume,' 'believe,' 'continue,' 'estimate,' 'expect,'
'intend,' 'plan,' 'project' and similar terms, and future or conditional tense
verbs like 'could,' 'may,' 'might,' 'should,' 'will' and 'would.' For example,
we may use forward-looking statements when addressing topics such as: changes in
our business strategies and methods of generating revenue; the development and
performance of our services and products; market and industry conditions,
including competitive and pricing trends; changes in the composition or level of
MMC's revenues; our cost structure and the outcome of cost-saving initiatives;
dividend policy and share repurchase programs; the expected impact of
acquisitions and dispositions; pension obligations; cash flow and liquidity;
future actions by regulators; the outcome of contingencies; the impact of
changes in accounting rules; and changes in senior management.
Forward-looking statements are subject to inherent risks and uncertainties. MMC
and its subsidiaries operate in a dynamic business environment in which new
risks may emerge frequently. Accordingly, MMC cautions readers not to place
undue reliance on its forward-looking statements, which speak only as of the
dates on which they are made. MMC undertakes no obligation to update or revise
any forward-looking statement to reflect events or circumstances arising after
the date on which it is made. Further information concerning MMC and its
businesses, including information about factors that could materially affect our
results of operations and financial condition, is contained in MMC's filings
with the Securities and Exchange Commission, including the 'Risk Factors'
section of MMC's annual report on Form 10-K for the year ended December 31,
2007.
Media:
MMC
Christine Walton, 212-345-0675
christine.walton@mmc.com
or
Kroll
Doug Wilson, 212-833-3464
dwilson@kroll.com
or
Investors:
MMC
Mike Bischoff, 212-345-5470
jmichael.bischoff@mmc.com
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