MMC Appoints Brian Duperreault as President and...
Marsh & McLennan
Marsh & McLennan Companies, Inc. (MMC) today announced the appointment of Brian
Duperreault, 60, as President and Chief Executive Officer of MMC, effective
immediately.
'Throughout his career, including 10 years as a CEO, Brian Duperreault has
proven his ability to produce results and create shareholder value,' said
Stephen R. Hardis, Chairman of MMC's Board of Directors. 'We are delighted to
welcome him to MMC.'
Mr. Duperreault said: 'I am honored to become the CEO of MMC, a company that
comprises several of the world's greatest brands in risk & insurance services
and consulting. I look forward to working with the company's talented
executives. This is an institution with unrivaled resources and capabilities. My
mission is to capitalize on the strength of MMC's operating companies to deliver
value to clients, employees and shareholders.'
From 1994 to 2004, Mr. Duperreault served as CEO of ACE Limited, the
Bermuda-based insurer MMC helped found in 1985. He then served as Chairman of
the Board from 2004 to 2007. ACE's net premiums are currently $12 billion. Under
his leadership, ACE grew from a boutique catastrophe insurance specialist into a
global multi-line commercial enterprise. He presided over significant organic
growth as well as the acquisition of several businesses, including the 1999
acquisition of Cigna's property and casualty business. During his tenure at ACE,
the company's market capitalization grew from $1.1 billion to approximately $19
billion today.
Prior to ACE, Mr. Duperreault was with American International Group for more
than 20 years, holding numerous positions and eventually rising to become
Executive Vice President of AIG Foreign General Insurance and Chairman and Chief
Executive of AIG's American International Underwriters (AIU), which comprises
all of AIG's non-U.S. commercial business.
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; Kroll, the risk consulting firm; Mercer, the provider of HR and
related financial advice and services; and Oliver Wyman, the management
consultancy. With more than 55,000 employees worldwide and annual revenue of $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: future
actions by regulators; the outcome of contingencies; changes in senior
management; 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 restructuring and other cost-saving initiatives; share repurchase programs;
the expected impact of acquisitions and dispositions; and MMC's cash flow and
liquidity.
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,
2006.
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CONTACT: Marsh & McLennan Companies, Inc.
Media:
Christine Walton, 212-345-0675
christine.walton@mmc.com
or
Investors:
Mike Bischoff, 212-345-5470
jmichael.bischoff@mmc.com
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