MMC independent chair to step down

Lord Ian Lang, the independent chairman of Marsh & McLennan Companies’ (MMC) board will step down in May 2016.

He will be succeeded by Edward Hanway who currently chairs the compensation committee and serves on the executive and finance committees.

Lang, who joined the MMC board in 1997, has served as independent chairman since May 2011. In addition to serving as chair of the board’s executive committee, he also serves on the compensation, directors and governance, and finance committees.

“It has been a tremendous privilege to serve on the MMC board of directors since 1997 and a particular honour to serve as chairman,” said Lang.

“I am grateful to my fellow board members, to our talented management team and to our 58,000 employees for their hard work and commitment to this great company. I am particularly proud of the value that we have created for our shareholders and am confident that Ed Hanway will make an excellent independent chairman when he assumes the post next May.”

Hanway added: “I am honoured to become independent chairman of the board and to serve with such accomplished directors.

“Ian’s service for 19 years, including as chairman since 2011, spanned an important period in Marsh & McLennan’s history. I look forward to helping Marsh & McLennan deliver continued value for shareholders.”