Marsh have announced that the chairman and chief executive officer of its risk and insurance services business, John Sinnott, will retire from the firm in July 2003.
Ray Groves, president and chief operating officer of Marsh will succeed Sinnott as chief executive officer in January and as chairman in July 2003.
Chairman of Marsh & McLennan Companies Jeffrey Greenberg said: "Jack Sinnott's leadership of Marsh has been extraordinary. He guided the firm through the difficult operating environment in the 1990s, the successful consolidation of two large mergers, the September 11 attacks and their aftermath, and the changing marketplace for commercial insurance.
"I'm pleased that Jack will continue as a special advisor to MMC after he retires in July."
Commenting on Groves' appointment, Greenberg said: "Marsh has a deep bench of management talent, and the firm is especially fortunate to have an executive as skilled and experienced as Ray Groves to succeed Jack.
Ray has a longstanding relationship with MMC and a profound understanding of professional services."
