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MARSH CHAIRMAN & CEO JOHN T. SINNOTT TO RETIRE IN 2003
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01/16/2005
Marsh & McLennan Companies, Inc. (MMC) announced today that John T. Sinnott, chairman and chief executive officer of Marsh Inc., the company's risk and insurance services business, will retire from the firm in July 2003. Ray J. Groves, president and chief operating officer of Marsh Inc., will succeed Mr. Sinnott as chief executive officer in January and as chairman in July 2003.
Jeffrey W. Greenberg, chairman of MMC, said, "Jack Sinnott's leadership of Marsh has been extraordinary. He guided the firm through the difficult operating environment in the 1990s, the successful consolidation of two large mergers, the September 11 attacks and their aftermath, and the changing marketplace for commercial insurance. I'm pleased that Jack will continue as a special advisor to MMC after he retires in July."
Mr. Sinnott, 63, joined Marsh & McLennan in 1963 and has held various executive positions with the company during his distinguished career. "Marsh is a great organization with great people, a blend of several legacies, which is what makes it so strong today. It has been my privilege to work with all of my Marsh and MMC colleagues and to serve our clients for almost 40 years."
Commenting on Mr. Groves' appointment, Mr. Greenberg said, "Marsh has a deep bench of management talent, and the firm is especially fortunate to have an executive as skilled and experienced as Ray Groves to succeed Jack. Ray has a longstanding relationship with MMC and a profound understanding of professional services."
Mr. Groves has been a member of MMC's Board of Directors since 1994, when he retired from Ernst & Young after serving 17 years as chairman and chief executive officer. He joined MMC's management team as a senior advisor in August 2001 and was appointed president and chief operating officer of Marsh Inc. in October 2001.
Mr. Groves said, "Emerging risks and increasingly complex traditional risks have increased demand for professional advice, analysis, and services. Marsh's reputation, global reach, and specialized resources are significant competitive advantages, particularly when insurance markets are experiencing such dramatic change."
MMC is a global professional services firm with annual revenues of $10 billion. It is the parent company of Marsh Inc., the world's leading risk and insurance services firm; Putnam Investments, one of the largest investment management companies in the United States; and Mercer Inc., a major global provider of consulting services. Approximately 58,000 employees provide analysis, advice and transactional capabilities to clients in over 100 countries. Its stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges. MMC's website address is www.mmc.com.
