Jeff Greenberg To Become President Of Marsh & McLennan

Jeffrey W. Greenberg has been elected president of Marsh & McLennan Companies, it was announced by A. J. C. "Ian" Smith, chairman and chief executive officer. Greenberg, 47, will succeed Smith as chief executive officer by the end of 1999. Smith, 64, plans to retire from the company in 2000. He will continue to serve as a director of the company.

Smith said, "Jeff Greenberg joined us in 1995 to become head of Marsh & McLennan Capital and has already made a great contribution to Marsh & McLennan Companies. I was pleased to recommend him to the Board. His talent and experience as a senior executive at AIG and earlier at Marsh & McLennan will serve us well as he assumes his new leadership responsibilities. I look forward to working with him to ensure a seamless transition."

Greenberg said, "I am excited about the challenges of my new responsibilities and look forward to new strategic opportunities, building on the company's historic strength and success. Under Ian Smith, Marsh & McLennan Companies has solidified its preeminent position in the professional services market worldwide. Putnam is a highly successful investment management company with assets under management reaching $300 billion. The prospects for our risk and insurance services company are excellent, enhanced by the successful mergers of Marsh & McLennan Companies with Johnson & Higgins in 1997 and with Sedgwick in 1998, and Mercer Consulting has just completed another year of substantial growth and delivering quality client service."

Greenberg began his professional career in 1976 at Marsh & McLennan, 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 Marsh & McLennan in 1995 and was named chairman and chief executive officer of Marsh & McLennan Capital in 1996.