Marsh & McLennan Names New President

Marsh & McLennan Cos., the world’s largest insurance broker, named Jeffrey W. Greenberg president and said he will succeed Chairman and Chief Executive A.J.C. Smith by the end of 1999. Smith, 64, will retire in 2000 from the New York-based company, which he has run since 1992, though he will remain a director. Greenberg, 47, was at one time a potential successor to American International Group Inc. Chairman Maurice R. Greenberg, his father. In 1995, after 17 years at AIG, he resigned as that company’s executive vice president shortly after his younger brother, Evan, was given the same title. As two of the biggest companies in their respective markets, Marsh & McLennan and AIG have extensive dealings, and Greenberg’s relationship with AIG senior management raises the prospect of even closer ties between the two. Marsh & McLennan stock fell $1.25 to close at $60.06 on the NYSE.