Marsh Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers
(b) On January 16, 2019, Marsh & McLennan Companies, Inc. (the “Company”) announced the appointment of Julio A. Portalatin as Vice Chairman of the Company effective March 1, 2019. Mr. Portalatin currently serves as President and Chief Executive Officer of Mercer. As Vice Chairman, Mr. Portalatin will continue to report to the Company’s President and CEO, Dan Glaser, and will no longer serve as a member of the Company’s Executive Committee.
(e) On January 16, 2019, the Compensation Committee of the Company’s Board of Directors approved the terms of Mr. Portalatin’s employment as Vice Chairman of the Company effective March 1, 2019. The principal terms are summarized below.
Mr. Portalatin will receive an annual base salary of $500,000. Mr. Portalatin will be eligible for an annual bonus with a target of $1,000,000 commencing with the 2019 performance year (awarded in 2020). Mr. Portalatin will not be eligible for any additional awards under the Company’s long-term incentive program and will not be eligible for any severance benefits upon the conclusion of his employment. Mr. Portalatin will continue to be eligible to participate in the Company’s employee benefit plans and programs on terms and conditions as are generally provided to similarly situated employees of the Company, as in effect from time to time. While employed by the Company and for 12 months following his termination of employment, Mr. Portalatin will be subject to certain restrictive covenants. Mr. Portalatin’s employment as Vice Chairman of the Company is conditioned on his entry into a waiver and release in connection with a letter agreement documenting the terms of his employment and at the termination of his employment.
Item 8.01Other Events
On January 16, 2019, the Company announced the appointment of Martine Ferland as President and Chief Executive Officer of Mercer, effective March 1, 2019. Ms. Ferland will report to the Company’s President and CEO, Dan Glaser, and join the Company’s Executive Committee Ms. Ferland joined Mercer in 2011 as Retirement Business Leader for Europe and Pacific Region. She then served as Europe and Pacific Region President and Co-President, Global Health, before being named Mercer Group President.
A copy of the press release is attached hereto and as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1. Press release issued by Marsh & McLennan Companies, Inc. on January 16, 2019.
MARSH & MCLENNAN COMPANIES, INC. Exhibit
EX-99.1 2 exhibit991january162019.htm EXHIBIT 99.1 Exhibit NEWS RELEASEMedia Contact:Erick R. GustafsonMarsh & McLennan Companies+1 202 263 7788 [email protected] Investor Contact:Dan FarrellMarsh & McLennan Companies+1 212 345 [email protected] MARSH & McLENNAN NAMES NEW MERCER CEO AND MMC VICE CHAIRMANMartine Ferland appointed to lead MercerJulio A. Portalatin to serve as MMC Vice ChairmanNEW YORK,…
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About Marsh & McLennan Companies, Inc. (NYSE:MMC)
Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various specialty consultants, including Marsh, an insurance broker, intermediary and risk advisor; Guy Carpenter, a risk and reinsurance specialist; Mercer, a provider of human resource (HR) and related financial advice and services, and Oliver Wyman Group, a management, economic and brand consultancy. The Company provides analysis, advice and transactional capabilities to clients in approximately 130 countries. The Company operates through two segments: Risk and Insurance Services and Consulting. The Risk and Insurance Services segment includes risk management activities, as well as insurance and reinsurance broking and services. The Company’s consulting segment includes health, retirement, talent and investments consulting services and products, and specialized management, economic and brand consulting services.
