Marsh & McLennan Companies Inc. said it is increasing the company's dividend payment to 20 cents per share on outstanding common stock up from 19 cents per share.
The dividend is payable on Feb. 15 to shareholders of record on Jan. 28.
New York-based services firm MMC, parent company of the insurance brokerage firm Marsh, has been rocked by that division's poor performance, which resulted in recent management changes that include a new chief executive officer for Marsh and the announcement that Michael Cherkasky, MMC president and CEO, will be leaving the firm.
The company said in August that it planned to buy back $800 million in common stock, aimed at improving its stock price, with a total authorization of $1.5 billion from the board of directors.
The money comes from the $3.9 billion sale of its investment arm Putnam to Canada-based Great-West Lifeco.
Third-quarter 2007 results were deemed disappointing by analysts when MMC reported earnings that missed analysts' expected earnings per share by more than 15 cents.
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