Marsh & McLennan Companies, Inc. announced late yesterdaythat Brian Duperreault, the company's president and chief executiveofficer will retire at the end of this year.

Duperreault, 65, will be succeeded by Daniel S. Glaser, 52,currently the company's group president and chief operatingofficer.

Marsh & McLennan says Glaser will become president and CEOeffective Jan. 1, 2013.

“We are immensely grateful to Brian for the significantturnaround the company accomplished under his stewardship,” saysLord Lang of Monkton, chairman of Marsh & McLennan in astatement. “Among his many contributions to the company sincejoining in January 2008, Brian has built a strong executiveteam, significantly improved the company's operating results, andestablished a long-term strategy that continues to serve as thefoundation for the company's future success.

There is no doubt he will leave Marsh & McLennan Companiesin a much stronger position than when he arrived.”

Brian Duperreault was named one of NU's LivingLegends of Insurance. Read the story here.

Lord Lang went on to say that the choice of Glaser recognizeshis “strong leadership skills and impressive accomplishments” sincejoining the company in 2007.

“It has been a privilege to serve as president and CEO of Marsh& McLennan Companies,” Duperreault says. “I am proud of what wehave accomplished, largely due to the efforts of our leadershipteam and our dedicated colleagues around the world. Being part ofthe turnaround of Marsh & McLennan Companies has been one ofthe most gratifying aspects of my career.”

He went on to praise Glaser, saying they have worked closelytogether and he is confident in his skills to keep the companyrunning successfully after a “seamless transition.”

Glaser says he is honored to succeed Duperreault and he looksforward to continuing the growth and progress of the company in thefuture.

The company says with his retirement Duperreault will leave theboard. Glaser will join the board when he assumes his new role.

In his nearly 40-year career in insurance, before taking thehelm at Marsh & McLennan, Duperreault was CEO of ACE Ltd. Healso served in senior executive positions with AIG and itsaffiliates.

He currently serves as chairman of the Federal AdvisoryCommittee on Insurance. He was inducted into the InternationalInsurance Society's Hall of Fame in 2011.

Glaser was named group president and chief operating officer ofMarsh & McLennan in 2011. Prior to his current role, he servedas chairman and CEO of insurance broker Marsh, a subsidiary ofMarsh & McLennan.

He began his career at Marsh 30 years ago. In his insurancecareer, he has served in senior positions in commercial insuranceand insurance brokerage in the United States, Europe, and theMiddle East. He rejoined Marsh in 2007.

Glaser is a former chairman of British American Business andserves on its International Advisory Board.

Duperreault succeeded Michael Cherkasky, who guided Marsh for about twoyears through a tumultuous period after the company agreed to payan $800 million fine in 2004 over allegations of kickbacks andbid-rigging brought by then New York Attorney General EliotSpitzer.