Best’s News & Research Service - December 03, 2013 12:37 PM (EST)
Marsh & McLennan Shuffles Top Executives at Two Subsidiaries
NEW YORK //BestWire// - Marsh & McLennan Cos. is shuffling senior executives at two of its subsidiaries, which includes moving the chairman and chief executive officer of Oliver Wyman Group over to Marsh Inc., the parent company said in a written statement.
John Drzik, who currently serves as chairman and CEO of Oliver Wyman Group, will move to Marsh to become president of global risk and specialties. He'll will report to Peter Zaffino, president and CEO of Marsh, and oversee a number of businesses, including Marsh's global industries, global practices, risk solutions, global analytics and technologies, and the insurer consulting group.
Drzik has also been named chairman of the newly formed Marsh & McLennan Cos. global risk center, a collaborative effort across the companies, the company said. Drzik is replacing Sandy Vietor, who will become vice chairman of Marsh, the company told Best's News Service. Drzik joined Oliver, Wyman & Co. in 1984 and was named chairman in 2000. He became chairman of Oliver Wyman Group in 2006, following Marsh & McLennan Cos.'s 2003 acquisition of Oliver, Wyman & Co.
Filling Drzik's position at Oliver Wyman will be Scott McDonald, who will serve as CEO of the group and report to Dan Glaser, president and CEO of Marsh & McLennan Cos. McDonald, who is currently serving as Oliver Wyman's president, will become part of the Marsh & McLennan Cos. executive committee.
McDonald has been president of Oliver Wyman since 2012. Before that he was the managing partner of the firm's financial services practice. He joined Oliver, Wyman & Co. in 1995, elected a partner in 2000 and managing partner in 2007.
Marsh & McLennan Cos. in 2012 was the largest insurance broker in the world, with revenues of $11.9 billion, according to Best's Review. During late morning trading on Dec. 3, shares of Marsh & McLennan Cos. (NYSE: MMC) were at $47.36, down 0.34% from the previous close.
(By Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com)