3 Dec 2013 07:00
Marsh & McLennan Companies (NYSE:MMC) today announced that Scott McDonald, currently President of Oliver Wyman (the management consulting business of Oliver Wyman Group), has been named Chief Executive Officer of Oliver Wyman Group, effective January 1, 2014. As CEO of Oliver Wyman Group, Mr. McDonald will have responsibility for managing Oliver Wyman, NERA and Lippincott. He will report to Dan Glaser, President and Chief Executive Officer of Marsh & McLennan Companies and will become a member of the Marsh & McLennan Companies Executive Committee.
John Drzik, currently Chairman and Chief Executive Officer of Oliver Wyman Group, will move to Marsh, Inc. to become President, Global Risk and Specialties. In this role, Mr. Drzik will report to Peter Zaffino, President and Chief Executive Officer of Marsh, and will oversee a number of businesses, including Marsh’s Global Industries, Global Practices, Risk Solutions, Global Analytics and Technologies, and the Insurer Consulting Group. Mr. Drzik has also been named Chairman of the newly formed Marsh & McLennan Companies Global Risk Center, where he will work to strengthen collaboration across the firm to benefit our clients in areas such as global risk analytics, research and thought leadership.
“The changes we are announcing today will strengthen Marsh & McLennan Companies,” said Dan Glaser, President and Chief Executive Officer of Marsh & McLennan Companies. “Scott is a proven leader at Oliver Wyman and will be a great addition to the senior management team at Marsh & McLennan Companies. Similarly, John has distinguished himself at Oliver Wyman Group as a thoughtful and effective leader. He will bring a new perspective to Marsh as it looks to accelerate growth in key areas of its business. The ability to move senior business leaders across our organization is a validation of the depth of our management team,” concluded Mr. Glaser.
“I am honored to take on the role of Chief Executive Officer of Oliver Wyman Group and look forward to leading our firm forward,” said Mr. McDonald. “It has been an absolute pleasure working with John Drzik over the last 18 years. Together with all of my colleagues, I wish John well as he takes on a new role at Marsh.”
Mr. Drzik said, “I’m eager to take on the challenge of my new role and work with Peter Zaffino and his senior leadership team to seek new opportunities for growth and innovation at Marsh. I am also excited about working with colleagues across Marsh & McLennan Companies on a new Global Risk Center, so we can expand and showcase the breadth of our organization’s knowledge in global risk areas.”
Scott McDonald has been President of Oliver Wyman since 2012. Previously, he was the Managing Partner of Oliver Wyman’s Financial Services practice. Prior to that role, Mr. McDonald was the Global Head of the Corporate & Institutional Banking Practice within Financial Services, which includes the firm’s activities in the areas of Corporate Banking, Investment Banking, Capital Markets, Asset Management, Exchanges, and other related businesses. Mr. McDonald joined Oliver, Wyman & Company in 1995 and was elected a Partner in 2000 and Managing Partner in 2007. He has degrees in Finance & Economics from McGill University and International Relations from Cambridge University.
John Drzik joined Oliver, Wyman & Company in 1984 and was named Chairman in 2000. He played a key role in establishing the firm’s leadership position in financial services strategy and risk management consulting. In 2003, Marsh & McLennan Companies acquired Oliver, Wyman & Company, and in 2006, Mr. Drzik was named Chairman of Oliver Wyman Group. Mr. Drzik is the author of numerous articles on strategy, risk management, and financial services, and is also the founder of the Oliver Wyman Institute, a cooperative academic forum designed to accelerate knowledge transfer between the academic community and the financial services industry. Mr. Drzik graduated summa cum laude with a BSE in Engineering Management Systems from Princeton University. He is currently on the Board of Directors of Betaworks and the International Risk Governance Council, and on the Industry Advisory Board of the Wharton Financial Institutions Center.
About Marsh & McLennan Companies
MARSH & McLENNAN COMPANIES (NYSE:MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman Group is a global leader in management consulting. Marsh & McLennan Companies’ 54,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
Media:Marsh & McLennan CompaniesLaura Cora, +1-212-345-2731laura.cora@mmc.comorInvestor:Marsh & McLennan CompaniesKeith Walsh, +1-212-345-0057keith.walsh@mmc.com
Copyright Business Wire 2013