Summary
Marsh & McLennan Companies, Inc. (MRSH) announced a significant leadership transition within its finance department. J. Michael Bischoff, the current Chief Financial Officer (CFO), is set to retire at the end of 2015, concluding a transition period on March 31, 2016. This marks the end of an era for Mr. Bischoff, who will be succeeded by Mark C. McGivney, the current Senior Vice President of Corporate Finance, effective January 1, 2016. Mr. McGivney's appointment as CFO comes with a competitive compensation package designed to attract and retain top talent. His new role includes a base salary of $750,000, with an anticipated target annual bonus of $1,200,000 (potentially ranging from 0% to 200% of target) and a long-term incentive compensation target of $1,500,000, commencing in 2016. He will also participate in the Senior Executive Severance Plan, outlining benefits in specific termination scenarios. Investors should note this smooth transition aims to ensure continuity in financial leadership.
Key Highlights
- 1J. Michael Bischoff, CFO, will retire effective December 31, 2015.
- 2Mark C. McGivney, currently Senior Vice President, Corporate Finance, will become the new CFO effective January 1, 2016.
- 3Mr. Bischoff will provide transition assistance on a part-time basis through March 31, 2016.
- 4Mr. McGivney's new role includes an annual base salary of $750,000.
- 5Mr. McGivney is eligible for an annual bonus with a target of $1,200,000, with potential payouts from 0% to 200% of target.
- 6Mr. McGivney is targeted for $1,500,000 in long-term incentive compensation starting in 2016.
- 7Mr. McGivney will participate in the Senior Executive Severance Plan, which details benefits upon termination under specific conditions.