MMC Declares Stock Split, Ups Dividend
NU Online News Service, May 17, 10:16 a.m. EST?Marsh & McLennan Companies Inc. announced a two-for-one stock split and 6 percent increase in their dividend payment.
The company said yesterday the stock split would be payable to shareholders of record on June 7 to be issued after the close of business on June 28. The split would increase MMC's total common shares outstanding from approximately 272 million to 544 million.
The board also voted to raise the quarterly cash dividend to 56 cents from 53 cent per share to be paid Aug. 15 to shareholders of record as of July 9. The company noted it has increased the annual dividend paid to shareholders every year since it went public in 1962.
MMC also announced the election of Morton O. Schapiro to the company's board of directors. Mr. Schapiro, 48, is president of Williams College in Williamstown, Mass.
The board now consists of 17 members, MMC said.
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