Summary
This 8-K filing by Marsh & McLennan Companies, Inc. (MMC) announces a significant change in its executive leadership, specifically the appointment of Vanessa A. Wittman as the new Executive Vice President and Chief Financial Officer (CFO). This appointment follows the previously announced departure of the current CFO, Matthew B. Bartley. Ms. Wittman's extensive financial background, including previous CFO roles at Adelphia Communications Corporation and 360networks Inc., positions her to lead MMC's financial strategy. The filing also details the compensation package and employment terms for Ms. Wittman, including her base salary, bonus structure, and long-term incentive awards. Investors should note the structure of her compensation, which aligns a significant portion with company and individual performance. The inclusion of participation in the MMC Senior Executive Severance Plan also outlines potential benefits in specific termination scenarios, particularly those involving a change in control or termination without cause.
Key Highlights
- 1Vanessa A. Wittman appointed Executive Vice President and Chief Financial Officer (CFO) of MMC, effective no later than October 15, 2008.
- 2This appointment follows the previously announced departure of Matthew B. Bartley, the current CFO.
- 3Ms. Wittman brings substantial financial experience from previous CFO roles at Adelphia Communications Corporation and 360networks Inc.
- 4Ms. Wittman will receive an annual base salary of $750,000.
- 5She is eligible for an annual bonus with a target of 100% of her base salary, with potential payouts ranging from 0% to 200%.
- 6Ms. Wittman will receive a $1 million long-term incentive award upon her start date and is eligible for a $2 million target grant in 2009.
- 7Her employment terms include participation in the MMC Senior Executive Severance Plan, which provides benefits upon termination under specific circumstances (e.g., termination without cause, change in control).