Greenberg Elected CEO of Marsh & McLennan

Marsh & McLennan Companies‘ board of directors has elected Jeffrey Greenberg chief executive officer. Greenberg, who will continue as president of MMC, succeeds A.J.C. Smith, who will remain chairman of the board until he retires from the company at its 2000 annual meeting. Smith will continue as a member of the company's board.

Greenberg, age 48, was elected president of MMC in January 1999, at the same time his planned succession to the CEO position was announced.

``The Board and I are extremely pleased that Jeff Greenberg is taking over the leadership of MMC,'' Smith said. ``MMC today has three strong professional service businesses--Marsh, Putnam Investments and Mercer Consulting Group--each of which has great potential for growth. I am confident that with Jeff as chief executive officer, MMC will realize this full potential and achieve new levels of success.''

``I look forward to building on the legacy of success inherited from Ian Smith,'' Greenberg said. ``We have built our businesses into market leaders by anticipating the needs of our clients, by providing trusted advice and highly professional services and by promoting a spirit of partnership throughout the company. These qualities will continue to distinguish MMC's approach. I am also confident that we will find new ways to leverage the exceptional skills and resources of our companies to create attractive new business opportunities that will help us maintain high quality earnings, generate increased value for shareholders and provide a stimulating environment for our employees.''

Greenberg began his professional career in 1976 at MMC, where he managed the commercial aviation/aerospace insurance group. He then worked for 17 years at American International Group, ultimately serving for four years as executive vice president with responsibility for AIG's domestic brokerage insurance group. He rejoined MMC in 1995 and was named chairman and chief executive officer of Marsh & McLennan Capital in 1996.

Smith has been chairman and chief executive officer of MMC since 1992 and a member of its Board of Directors since 1977. He joined the company in 1961.