Marsh Chairman & CEO to Step Down in 2003

October 1, 2002

Marsh & McLennan Companies, Inc. (MMC) announced that John Sinnott, chairman and CEO of Marsh Inc., the company’s risk and insurance services business, will retire from the firm in July 2003.
Ray Groves, president and COO of Marsh Inc., will succeed Sinnott as CEO in January and as chairman in July 2003.

Jeffrey Greenberg, chairman of MMC, noted, “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.”

Sinnott joined Marsh & McLennan in 1963 and has held various executive positions with the company during his 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.”

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