Lord Lang is new Marsh chair

Ian Lang, Lord Lang of Monkton, is to succeed Stephen Hardis as independent chairman of the Marsh & McLennan Companies (MMC) board of directors.

He will step in when Hardis retires in May 2011 in accordance with the mandatory retirement age provision contained in MMC’s corporate governance guidelines.

Hardis, who joined the MMC Board in 1998, has served as independent chairman since May 2006.

He said: “Serving on MMC’s Board of Directors has been a great privilege, and I am particularly proud of what the company has accomplished in recent years.

"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.”

Lord Lang joined the MMC Board in 1997. He chaired the audit committee from 1998 to 2001 and has served as chair of the compensation committee since 2007.

Lord Lang began his career as an insurance broker. He later served as a member of the British Parliament from 1979 to 1997; in the Cabinet as president of the board of trade and secretary of state for trade and industry from 1995 to 1997; and as secretary of state for Scotland from 1990 to 1995.

In selecting Lord Lang, MMC maintains the separation of the chairman and chief executive roles in keeping with corporate governance best practices.

“I am honored to be taking the role of Independent Chairman of this Board of experienced leaders,” said Lord Lang.

“Steve Hardis has set the bar high, but I look forward to following his fine example in seeking to help MMC achieve its strategic goals and in providing value for shareholders.”