Marsh & McLennan Cos. said Brian Duperreault will retire as chief executive and president at the end of the year, with Chief Operating Officer Daniel S. Glaser succeeding him.
Mr. Glaser was widely expected to be Mr. Duperreault's successor since being named chief operating officer early last year.
Also, Mr. Glaser will join the board after Mr. Duperreault retires and leaves his board seat.
Mr. Glaser, 52 years old, has worked as the insurance and investment-management company's group president and operating chief since April 2011, with oversight of both the risk and insurance services and the consulting segments. Before then, he was chairman and CEO of subsidiary Marsh Inc. Mr. Glaser rejoined the company in December 2007, where he started working about 30 years ago, after working in commercial insurance and insurance brokerage in the U.S., Europe and Middle East.
Mr. Duperreault, 65 years old, was previously chief executive of insurer Ace Ltd. (ACE) and was a senior executive at American International Group Inc. (AIG). He was inducted into the International Insurance Society's Hall of Fame in 2011.
Earlier this month, the company named J. Michael Bischoff as its chief financial officer, making permanent a role he had held since March. The previous financial chief, Vanessa Wittman, resigned to become chief financial officer of Motorola Mobility at Google Inc. (GOOG).
Last month, Marsh & McLennan said its second-quarter profit rose on revenue growth in its consulting, and risk and insurance divisions.