Marsh Inc. announced a series of personnel moves its says are designed to encourage new business growth and retention levels.
The company also announced the elimination of the role of president, now held by Bill Malloy, who is leaving the company.
Brian Storms, chairman and chief executive officer of Marsh, said the firm is planning investments in a variety of client-focused areas, including high-priority markets and segments, new product innovation, talent acquisition and development, and marketing.
Marsh says eliminating the president’s position is meant to provide CEO Storms with a direct line of sight into the performance of the firm’s three geographic regions. Malloy, who has held the position of president since 2004, is remaining with the firm through the end of this year before leaving Marsh to explore new opportunities.
In recent months, Storms said Marsh has recruited leadership to go after new markets and “drive deeper penetration in existing segments with high growth potential,” including one segment in particular – the middle market, comprised of companies with revenues of $50 million to $750 million. This is an area where Storms said the firm is ready to “significantly expand its focus.”
As part of this strategy, Mark Feuer, formerly at Merrill Lynch, has joined Marsh as leader of the Middle Market practice in the U.S. During his career at Merrill Lynch, Feuer held several leadership positions, including responsibility for the firm’s retirement business. Most recently, he headed up the Merrill Lynch Trust Company and Private Banking & Investment Group Platform.
“In some respects, Marsh’s strength and advisory offerings are equally important to mid-sized companies, many of whom lack formal risk management functions. Given the changes the world has experienced in recent years, C-level executives at large and small companies are wrestling with how to smartly factor risk into their overall business strategies,” said Storms.
Marsh also moved to strengthen its industry specialization in existing segments by hiring new leaders for two of its practice groups: Technology, Media & Telecommunications and Construction.
Michael Whealon has joined the firm from ING Barings, Ltd., where he was managing director for Investment Banking and global head of Telecoms, Media & Technology. He will lead the Global Technology, Media & Telecommunications industry practice at Marsh.
Michael Feigin has joined Marsh to run the construction industry practice. Feigin, an attorney by training, worked as a real estate and construction litigator at two New York law firms, and as a development director at AvalonBay Communities, the national residential REIT. Feigin comes to Marsh from Bovis Land Lease Holdings, Inc., a large construction company.
Marsh also announced the promotions of two senior leaders.
Joe Varnas, who has been in charge of Marsh’s information technology since arriving late last year, has been elevated to the new role of chief operating officer. Varnas will continue to have direct responsibility for Global IT and Operations, and adds oversight for Strategic Planning, Human Resources and one of Marsh’s specialty practice groups, Global Consumer, which serves affinity markets.
Tim Mahoney has been appointed the new leader for the Americas, which includes the U.S., Canada, and Latin America. Mahoney will also have responsibility for overseeing Marsh’s “G5” initiative, which was created to bring the highest levels of service to the firm’s top global clients. Mahoney joins Alex Moczarski (Europe / Middle East / Africa) and David Batchelor (Asia Pacific) as one of the three geographical region leaders.
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