The Board of Directors of Marsh & McLennan Companies, Inc. (MMC) announced that Ian Lang, Lord Lang of Monkton, will succeed Stephen R. Hardis as Independent Chairman of the MMC Board of Directors when Hardis retires from the Board in May 2011.
Hardis joined the MMC Board in 1998, and has served as Independent Chairman since May 2006. In addition to serving as Chair of the Board’s Executive Committee, he also serves on the Compensation, Directors and Governance, and Finance committees.
Hardis described serving on the board as “a great privilege” and stated that he is “particularly proud of what the company has accomplished in recent years.” He also noted that his chosen successor had been a “wonderful partner over these past 12 years.” Hardis indicated that he is “intimately familiar with Marsh & McLennan and the unique value proposition it has for clients and, ultimately, shareholders. In my estimation, he will make an excellent Independent Chairman when he assumes the post next May. In the meantime, I look forward to working with Ian on a smooth transition.”
Lord Lang joined the MMC Board in 1997. He chaired the Audit Committee from 1998 to 2001 and has served as chair of the Compensation Committee since 2007. Lord Lang began his career as an insurance broker. He later served as a member of the British Parliament from 1979 to 1997; in the Cabinet as President of the Board of Trade and Secretary of State for Trade and Industry from 1995 to 1997; and as Secretary of State for Scotland from 1990 to 1995.
MMC noted that in selecting Lord Lang, it “maintains the separation of the Chairman and CEO roles in keeping with corporate governance best practices.”
Lang stated that he is “honored to be taking the role of Independent Chairman of this Board of experienced leaders. Steve Hardis has set the bar high, but I look forward to following his fine example in seeking to help MMC achieve its strategic goals and in providing value for shareholders.”
Source: Marsh & McLennan Companies
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