Posted on 27 Jul 2010
Insurance brokerage firm Marsh & McLennan Companies, Inc. (MMC) announced on Monday the appointment of Ian Lang, Lord Lang of Monkton, as Independent Chairman of the company's Board. Lang will succeed Stephen Hardis when he retires from the Board in May 2011.
Lang, who began his career as an insurance broker, joined Marsh & McLennan’s Board in 1997. From 1998 to 2001, Lang chaired the company’s Audit Committee. He also served as chair of the Compensation Committee since 2007.
He has served as a member of the British Parliament from 1979 to 1997. Between 1995 and 1997, he served the Cabinet as President of the Board of Trade and Secretary of State for Trade and Industry. He also held the post of Secretary of State for Scotland from 1990 to 1995.
Commenting on Lang, Hardis said, “Ian has been a wonderful partner over these past 12 years. He is intimately familiar with Marsh & McLennan and the unique value proposition it has for clients and, ultimately, shareholders. In my estimation, he will make an excellent Independent Chairman when he assumes the post next May. In the meantime, I look forward to working with Ian on a smooth transition.”
Marsh & McLennan said that Hardis’ retirement is in accordance with the mandatory retirement age provision contained in the company’s corporate governance guidelines. He joined Marsh & McLennan’s Board in 1998 and served as Independent Chairman since May 2006. He serves as Chair of the Executive Committee of the Board in addition to serving on the Compensation, Directors and Governance, and Finance committees.