“It’s an honor to succeed Brian as President and CEO of Marsh & McLennan Companies,” said Mr. Glaser. “I am thankful to the Board and Brian for the confidence they have shown in me, and for the work they have done to position the Company for continued growth and success. I look forward to working with our outstanding senior executive team and talented colleagues around the world as we continue to establish Marsh & McLennan Companies as an elite organization.”

Upon his retirement as President and Chief Executive Officer, Mr. Duperreault will also retire from the Company’s Board of Directors. Mr. Glaser will join the Board as a Director effective January 1, 2013.

Mr. Duperreault is an insurance industry veteran who, over the span of his nearly 40-year career, has held top leadership roles at the industry's most prominent firms. Prior to his role with Marsh & McLennan Companies, he was Chief Executive Officer of ACE Limited and a member of that company's Board of Directors. Mr. Duperreault also served in senior executive positions with AIG and its affiliates. He currently serves as Chairman of the Federal Advisory Committee on Insurance (FACI). He was inducted into the International Insurance Society's Hall of Fame in 2011.

Mr. Glaser has served as Group President and Chief Operating Officer of Marsh & McLennan Companies since April 2011, with strategic and operational oversight of both the Risk and Insurance Services and the Consulting segments of the company. Prior to his current role, Mr. Glaser served as Chairman and Chief Executive Officer of Marsh Inc. He rejoined Marsh in December 2007, after serving in senior positions in commercial insurance and insurance brokerage in the United States, Europe, and the Middle East. He began his career at Marsh 30 years ago. Mr. Glaser is a former Chairman of BritishAmerican Business and serves on its International Advisory Board. He is a member of the Board of Trustees of the American Institute for Chartered Property Casualty Underwriters and the Board of Trustees of Ohio Wesleyan University.

If you liked this article you might like

Cramer: Let's Handicap Hurricane Harvey's Best Stock Bets

Marsh CEO Peter Zaffino to Join AIG as Deputy to CEO

Cramer: These Sectors Look Bullish (Part II)

Cramer: There Are Powerful Themes in Several Bull Markets

Cramer: These Stocks Look Like 'Easy Pickings'