Marsh McLennan has announced that its chief operating officer (COO) John Doyle will take over as president and CEO from Dan Glaser when he retires from the firm at the start of next year.
Doyle has been group president and COO at Marsh McLennan since January, having joined the company from AIG in 2017 as president and CEO of Marsh.
He began his career at AIG where he worked his way up to become CEO of the insurer’s commercial business.
Glaser has been president and CEO of Marsh McLennan since 2013. He took on the top role after being president and CEO of Marsh.
Glaser will also retire from Marsh McLennan’s board at the start of next year and will be replaced by Doyle.
“John has been an indispensable partner to me and the other members of our executive committee in delivering on our strategy. He knows our businesses well and is focused on creating best-in-class solutions for our clients. I am confident that this organisation’s extraordinary success will continue under John’s leadership,” said Glaser.
“It’s been an honour to lead this great company,” he continued. “Very few 150-year-old firms are as relevant, resilient and successful as Marsh McLennan is today. I leave with the same thought I had the day I became CEO: the best is yet to come for Marsh McLennan.”
Doyle said Marsh McLennan has “terrific momentum”, as well as the capabilities and expertise needed to “drive innovation and growth, deliver critical client solutions and create value for shareholders”.
Edward Hanway, chairman of Marsh McLennan’s board, said Doyle has led Marsh to “outstanding” earnings and revenue growth as group president and COO.
“He is a terrific strategist and an exceptional leader who builds effective, diverse and inclusive teams. With his leadership, the company is well positioned for continued growth,” he said.
Hanway said Glaser has had an “extraordinary impact” on Marsh McLennan.
“He expanded the business into new client segments, increased revenues from $12bn to over $20bn and grew the company’s colleague base. He successfully completed the company’s $5.6bn acquisition of JLT in 2019; launched Marsh McLennan Agency which, in just over a decade, has grown to $2.5bn of annual revenue and closed 100 acquisitions; and brought the firm together under a shared purpose. We are grateful for his contributions to the enterprise over many years,” he added.