Summary
Marsh & McLennan Companies, Inc. (MRSH) announced a significant leadership transition involving its Board of Directors. H. Edward Hanway is slated to succeed Lord Ian Lang as the Independent Chairman of the Board, effective after the annual meeting of stockholders in May 2016. This change is prompted by Lord Lang's retirement, aligning with the company's corporate governance guidelines regarding mandatory retirement age. Lord Lang, who has been a director since 1997 and Independent Chairman since 2011, will step down after a substantial tenure. Mr. Hanway, a current director since 2010 and former CEO of CIGNA Corporation, brings extensive leadership experience to the role. This planned succession indicates a focus on continuity and experienced leadership within the company's governance structure.
Key Highlights
- 1H. Edward Hanway will become the new Independent Chairman of the Board, succeeding Lord Ian Lang.
- 2The leadership transition is scheduled to occur following the annual meeting of stockholders in May 2016.
- 3Lord Ian Lang is retiring due to the company's mandatory retirement age policy for directors.
- 4H. Edward Hanway has been a member of the Board of Directors since 2010.
- 5Mr. Hanway has prior experience as Chairman and CEO of CIGNA Corporation (2000-2009).
- 6Lord Lang has served as Independent Chairman since May 2011 and has been a director since 1997.
- 7The company issued a press release on November 19, 2015, to announce this leadership change.