Summary
Marsh & McLennan Companies, Inc. (MMC) filed an 8-K report on May 18, 2006, primarily detailing changes in its Board of Directors and announcing a quarterly dividend. Robert F. Erburu retired from the Board of Directors after reaching the company's retirement age, concluding his tenure that included serving as non-executive chair since 2005 and a board member since 1996. This retirement triggers a succession plan, with Stephen R. Hardis, a board member since 1998, stepping into the role of non-executive chair. In addition to board leadership changes, the company announced the declaration of a quarterly dividend of $0.17 per share, payable on August 15, 2006. The filing also confirms that, following Mr. Erburu's retirement, the Board will consist of 12 members, with all directors except the CEO, Michael G. Cherkasky, being independent according to NYSE and company guidelines. These events are all detailed in a press release attached as an exhibit to the filing.
Key Highlights
- 1Robert F. Erburu retired from the Board of Directors, including his role as non-executive chair, effective at the conclusion of the May 18, 2006 annual meeting.
- 2Stephen R. Hardis, a current board member, succeeded Mr. Erburu as the non-executive chair of the Board.
- 3Marc D. Oken was appointed as the new chair of the Board's Audit Committee.
- 4The Board of Directors will comprise 12 members following Mr. Erburu's retirement.
- 5All directors, except for CEO Michael G. Cherkasky, are deemed independent according to NYSE and company governance rules.
- 6The company declared a quarterly dividend of $0.17 per share on its common stock.
- 7The dividend is payable on August 15, 2006, to shareholders of record on July 7, 2006.