Mercer Speciality Consulting
Marsh & McLennan Co Inc
08 June 2006
News Release
Media Contacts: Investor Contact:
Robin Liebowitz Jim Fingeroth Mike Bischoff
MMC Kekst and Company MMC
(212) 345-3963 (212) 521-4819 (212) 345-5470
MMC ANNOUNCES NEW LEADERSHIP FOR MERCER SPECIALTY CONSULTING
John Drzik to Head Specialty Consulting Group;
Succeeds David Morrison, Who Will Retire
NEW YORK, NEW YORK, June 8, 2006 -- Marsh & McLennan Companies, Inc. (MMC) today
announced changes in the leadership of its Mercer Specialty Consulting Group,
following David J. Morrison's decision to retire as President of the group and
as President and Chief Executive Officer of its Mercer Management Consulting
(Mercer MC) business.
Mercer Specialty Consulting comprises Mercer Management Consulting (strategy and
operations consulting), Mercer Oliver Wyman (financial services and risk
consulting), Lippincott Mercer (brand strategy and design consulting), Mercer
Delta Organizational Consulting (organizational architecture and change
consulting) and National Economic Research Associates (economic consulting).
John Drzik, President of Mercer Oliver Wyman, will succeed Mr. Morrison as
President of Mercer Specialty Consulting. Mr. Drzik will continue to lead Mercer
Oliver Wyman, a position he has held since the firm's formation following MMC's
acquisition of Oliver, Wyman & Company in 2003. He will report directly to
Michael G. Cherkasky, President and Chief Executive Officer of MMC.
Mr. Cherkasky said: 'We are grateful for David Morrison's leadership and
contributions to our company in the areas of thought-leadership, mergers and
acquisitions, and management. Over the past three years, Mercer Specialty has
achieved tremendous growth and produced excellent results. We are fortunate that
John Drzik, who has distinguished himself through his outstanding performance
track record and professional accomplishments, will lead the group and continue
to build on the strong direction set under David's tenure.
'Mercer Specialty has grown to $1.1 billion in annual revenue and has produced
strong results for the past five quarters, including revenue growth of 14
percent, or 17 percent on an underlying basis, in the first quarter of 2006.
This group's growth pattern throughout 2005, as well as its outstanding
performance in the first quarter of 2006, reflects strong revenue growth in
Mercer MC's strategy and operations business, Mercer Oliver Wyman's financial
services and risk management consulting business, and Lippincott Mercer.'
Mr. Drzik, 44, joined Oliver, Wyman & Company in 1984, became President in 1995,
and was appointed Chairman in 2000. In 2003, he led the merger and integration
of Oliver Wyman into Mercer Specialty Consulting. He has played a key role in
establishing the firm's leadership position in financial services strategy and
risk management consulting and was a driving force in growing the firm's annual
revenues from less than $30 million in 1994 to well over $300 million in 2005.
Mr. Drzik was selected as a 'Top 25 Consultant' by Consulting magazine in 2005.
He is the author of numerous articles on the financial services industry and a
frequent speaker in the U.S., Europe, and Asia at industry conferences and
regulatory forums. Mr. Drzik is also the founder of the Mercer Oliver Wyman
Institute, a cooperative undertaking between the firm and leading academics,
designed to accelerate knowledge transfer between the academic community and the
financial services industry and a member of the Advisory Board at the Wharton
Financial Institutions Center.
MMC is a global professional services firm with annual revenues of approximately
$12 billion. It is the parent company of Marsh, the world's leading risk and
insurance services firm; Guy Carpenter, the world's leading risk and reinsurance
specialist; Kroll, the world's leading risk consulting company; Mercer, a major
global provider of human resource and specialty consulting services; and Putnam
Investments, one of the largest investment management companies in the United
States. Approximately 55,000 employees provide analysis, advice, and
transactional capabilities to clients in over 100 countries. Its stock (ticker
symbol: MMC) is listed on the New York, Chicago, Pacific, and London stock
exchanges. MMC's website address is www.mmc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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