NU Online News Service, July 26, 1:13 p.m. EDT
Marsh & McLennan Companies' chairman, Stephen R. Hardis, will retire in May and be succeeded by Lord Ian Lang.
In its announcement today, MMC said Mr. Hardis will be stepping down from the chairmanship after reaching the mandatory retirement age of 75 contained in the company's corporate governance guidelines.
The New York-based services company and parent company of insurance broker Marsh and reinsurance broker Guy Carpenter said Mr. Hardis joined the MMC board in 1998. He was named independent chairman in 2006. He also serves on the compensation, directors and governance, and finance committees.
Lord Lang of Monkton, 70, joined the MMC board in 1997. He chaired the audit committee from 1998 to 2001 and has served as chairman of the compensation committee since 2007.
Lord Lang began his career as an insurance broker in 1962 with Rose, Thomson and Young, a then long-established Lloyd's broker and underwrting agent. The firm is now part of Marsh. He later served as a member of the British Parliament from 1979 to 1997–in the Cabinet as president of the Board of Trade and Secretary of State for Trade and Industry from 1995 to 1997; and as Secretary of State for Scotland from 1990 to 1995.
According to his biography on the MMC website, Lord Lang is a non-executive director of Charlemagne Capital Ltd. and chairman of the Prime Minister's Advisory Committee on Business Appointments in the United Kingdom. He is former non-executive directorship of BFS US Special Opportunities Trust plc, Thistle Mining Inc., General Accident plc, CGU plc and The Automobile Association (UK).
In a statement on his retirement, Mr. Hardis said, "Serving on MMC's board of directors has been a great privilege, and I am particularly proud of what the company has accomplished in recent years.
"Ian has been a wonderful partner over these past 12 years. He is intimately familiar with Marsh & McLennan and the unique value proposition it has for clients and, ultimately, shareholders. In my estimation, he will make an excellent independent chairman when he assumes the post next May. In the meantime, I look forward to working with Ian on a smooth transition," Mr. Hardis concluded.
"I am honored to be taking the role of independent chairman of this board of experienced leaders," said Lord Lang. "Steve Hardis has set the bar high, but I look forward to following his fine example in seeking to help MMC achieve its strategic goals and in providing value for shareholders."
This story was updated at 4:57 p.m. EDT with biographical data on Lord Lang.
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