MMC Makes Management Changes; Egan, Treanor Out

November 8, 2004

Marsh & McLennan Companies Inc. (MMC) reported on Monday that Roger Egan, president and COO of Marsh Inc., its risk and insurance services subsidiary, and Christopher Treanor, Marsh Inc.’s chairman and CEO of Global Placement, have been asked to step down from their positions but will help with the transition.

Peter Garvey, president and CEO of Marsh’s North American Operations, and William Malloy, president and CEO of Marsh’s Europe and Middle East Operations, have been promoted to co-presidents of Marsh Inc., and Philip Moyles, Jr., chairman of Client Development-North America, has been promoted to executive vice president of Marsh Inc.

Michael Cherkasky, president and CEO of MMC and chairman and CEO of Marsh Inc., said, “These management decisions were difficult and were not based on any suggestion of culpability. However, at the end of the day, Mr. Egan and Mr. Treanor were accountable for the areas of the business that have been the focus of investigations by the New York Attorney General’s office, and therefore, we thought it was appropriate to make these changes. Pete, Bill, and Phil are highly capable, experienced managers, and I have full confidence in their abilities.”

Separately, William Rosoff has stepped down as senior vice president and general counsel of MMC. Rosoff will reportedly help with transition.

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