Zachary W. Carter, a member of Marsh & McLennan Companies' board of directors since 2004, will resign effective Jan. 17 after New York City Mayor Bill de Blasio named Carter to become the city's corporation counsel, according to an SEC filing.
Carter is a partner at the law firm Dorsey & Whitney LLP. Prior to joining the firm in 1999, he was a federal prosecutor, judge and U.S. attorney for the Eastern District of New York.
de Blasio made the announcement regarding Carter on Dec. 29. In a statement, de Blasio said, "Zach Carter has been a fighter and a conscience for this city throughout his career. He's shown his character, his toughness and his resolve prosecuting dangerous criminals and protecting those who have been wronged. We are honored to have him represent this city and our administration."
On MMC's board of directors, Carter chairs the Compliance and Risk Committee and serves on the Audit Committee and Executive Committee, according to MMC's website.
According to a March 2004 article in The New York Times, Carter was nominated to Marsh & McLennan Companies' board after four state pension funds threatened to nominate their own board representative following allegations of improper trading at MMC's former mutual fund unit, Putnam Investments. The pension funds dropped their proposal after MMC named Carter. MMC sold Putnam for $3.9 billion in 2007.
Regarding his appointment as New York's corporation counsel, Carter says, "This administration is going to do powerful things to lift up vulnerable New Yorkers and put our city on a progressive path. I'll use all my experience to help our new mayor achieve what he was elected to do, and to make sure we uphold and protect the rights of New Yorkers in everything we do."
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