Summary
This Form 8-K filing by Marsh & McLennan Companies, Inc. (MMC) on September 28, 2006, reports significant executive leadership changes. M. Michele Burns has transitioned from her role as Chief Financial Officer of MMC to become the Chairman and Chief Executive Officer of MMC's subsidiary, Mercer Human Resource Consulting LLC. Effective September 25, 2006, Matthew B. Bartley, previously MMC's Treasurer, has been appointed as the new Chief Financial Officer of MMC. The filing also details the employment terms for Mr. Bartley. His new role comes with an expected base salary of $650,000, an annual bonus opportunity ranging from 100% to 200% of his base salary, and eligibility for long-term incentive compensation. The agreement outlines terms for termination, including provisions for severance payments and equity vesting, as well as non-competition and non-solicitation clauses. The amendment to Ms. Burns' existing employment agreement does not alter its compensation terms, merely reflecting her change in position.
Key Highlights
- 1M. Michele Burns has stepped down as CFO of Marsh & McLennan Companies, Inc. (MMC) to lead Mercer Human Resource Consulting LLC as Chairman and CEO.
- 2Matthew B. Bartley has been appointed as the new CFO of MMC, effective September 25, 2006.
- 3Mr. Bartley's new role includes an annual base salary of $650,000 and an annual bonus opportunity of 100-200% of his base salary.
- 4Mr. Bartley will be eligible for long-term incentive compensation with a grant-date target value of 100-200% of his base salary.
- 5A restricted stock unit grant valued at $650,000 will be awarded to Mr. Bartley upon execution of his employment agreement, vesting over three years.
- 6The employment agreement outlines terms for termination, including severance packages and equity vesting provisions, contingent on a general release of claims.
- 7The amendment to Ms. Burns' employment agreement does not change its compensation elements, only her role.