Extended the employment of president and CEO Brian Duperreault with MMC through January 2014
Marsh & McLennan Companies (MMC) has extended the employment of Brian Duperreault, president and CEO of the company, through January 2014. Mr. Duperreault was named president and CEO of MMC on January 30, 2008.
Under the terms of the new agreement, Mr. Duperreault’s employment with MMC is extended for an additional three years to January 29, 2014, the original term of employment was scheduled to expire on January 29, 2011. The agreement is intended to help provide for an orderly transition if Mr. Duperreault’s successor is identified prior to the end of Mr. Duperreault’s employment term.
Stephen Hardis, chairman of MMC, said: “I am extremely pleased to announce this positive development. Since arriving at MMC, Brian Duperreault has done a tremendous job – not only in stabilizing the Marsh & McLennan franchise but in leading the company through one of the worst economic periods in the past century. In a very short time-frame, he has proven his ability to produce results at MMC. This contract extension will allow Brian to bring the initiatives he has already begun through to completion.”
Prior to joining MMC, Mr. Duperreault served as CEO of ACE Limited. Under his leadership, ACE grew from a boutique catastrophe insurance specialist into a global multi-line commercial enterprise. He presided over significant organic growth as well as the acquisition of several businesses, including the 1999 acquisition of Cigna’s property and casualty business.
Prior to ACE, Mr. Duperreault was with American International Group for over 20 years, holding numerous positions and eventually rising to become executive vice president of AIG Foreign General Insurance and chairman and chief executive of AIG’s American International Underwriters (AIU).