[8-K] MARSH & MCLENNAN COMPANIES, INC. Reports Material Event

Rhea-AI Filing Summary

Marsh & McLennan Companies, Inc. announced leadership changes at its Marsh Risk business and updated compensation terms for a senior executive. Nick Studer will become President and Chief Executive Officer of Marsh Risk effective April 1, 2026, succeeding Martin South. Mr. Studer has led Oliver Wyman and Marsh Management Consulting since July 2021 and has held multiple senior roles at the firm since joining in 1997.

Mr. South will become Senior Vice President and Chief Client Officer of Marsh & McLennan Companies, also effective April 1, 2026. Both executives will remain on the Company’s Executive Committee and continue to report to John Doyle, President and Chief Executive Officer of the Company. The Compensation Committee approved an amendment under which Mr. South keeps his current base salary and becomes eligible for an annual bonus with a target of $1,500,000 starting with the 2026 performance year and a long-term incentive award with a target value of $1,750,000 beginning with the 2027 award cycle.

From April 1, 2026 for 12 months, if Mr. South is involuntarily terminated without “Cause” or resigns for any reason, he will receive severance benefits as if he had been involuntarily terminated without Cause as of that date under the Senior Executive Severance Pay Plan. Beginning April 1, 2027, he will participate in the Severance Plan on the same terms as other eligible employees. The Company issued a press release providing additional background on these appointments.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

_____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) March 10, 2026

Marsh & McLennan Companies, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware			1-5998			36-2668272
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

1166 Avenue of the Americas,

New York,

NY

10036

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (212) 345-5000

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

    Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of exchange on which registered

Common Stock, par value $1.00 per share

MRSH

New York Stock Exchange

NYSE Texas

    Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

			Emerging growth company			☐
			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On March 10, 2026, Marsh & McLennan Companies, Inc. (the “Company”) announced that Nick Studer, will succeed Martin South as President and Chief Executive Officer of Marsh Risk, effective April 1, 2026. Mr. Studer has served as Chief Executive Officer of Oliver Wyman and Marsh Management Consulting since July 2021. He first joined the Company in 1997 and has held various senior positions at Oliver Wyman, including Managing Partner of the Financial Services Practice Group, Head of the European Finance and Risk Practice and Global Head of the Corporate and Institutional Banking practice.

The Company also announced that Martin South will become the Senior Vice President and Chief Client Officer of the Company, effective April 1, 2026. Both Mr. South and Mr. Studer will continue to serve as members of the Company’s Executive Committee and report to John Doyle, President and Chief Executive Officer of the Company.

On March 5, 2026, the Compensation Committee of the Company’s Board of Directors approved an amendment to the terms of Mr. South’s employment in conjunction with his new appointment. The amendment provides that Mr. South will continue to receive his current base salary. Mr. South will be eligible for an annual bonus with a target of $1,500,000 commencing with the 2026 performance year (awarded in February 2027). Mr. South will also be eligible for a long-term incentive award with a target value of $1,750,000 commencing with the award to be made in 2027. In addition, beginning on April 1, 2026, for a period of 12 months, in the event Mr. South’s employment is involuntarily terminated by the Company without “Cause” or he terminates his employment for any reason, Mr. South will receive the severance benefits that he is entitled to under the Marsh & McLennan Companies, Inc. Senior Executive Severance Pay Plan as though he was involuntarily terminated without Cause as of April 1, 2026. Beginning on April 1, 2027, Mr. South will be eligible to participate in the Severance Plan on the same terms as all other eligible employees.

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

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Item 9.01        Financial Statements and Exhibits

(d)        Exhibits

99.1 Press release issued by Marsh & McLennan Companies, Inc. on March 10, 2026

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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MARSH & McLENNAN COMPANIES, INC.
			By:			/s/ Connor Kuratek
			Name:			Connor Kuratek
			Title:			Deputy General Counsel and Corporate Secretary

Date:    March 10, 2026

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Marsh T+1 212 345 5000

News release Exhibit 99.1

Media Contact: Erick Gustafson +1 202 263 7788 Erick.Gustafson@marsh.com Investor Contact: Jay Gelb +1 212 345 1569 Jay.Gelb@marsh.com

Marsh appoints Nick Studer President and CEO of Marsh Risk and Martin South Chief Client Officer of Marsh

NEW YORK, March 10, 2026 – Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today announced that Nick Studer will become President and CEO of Marsh Risk, succeeding Martin South. Martin South will take on an enterprise-wide role as Chief Client Officer of Marsh and work closely with the leaders of the company’s businesses. Both will continue to serve on the company’s Executive Committee and report to John Doyle, President and CEO of Marsh. The changes are effective April 1.

Commenting on the appointments, Mr. Doyle said, “Our vision is to make Marsh the most impactful professional services firm in the world. These appointments will help us accelerate growth, increase our agility, unlock additional value for our clients, and realize our vision.

“Nick joined Oliver Wyman nearly 30 years ago, and in the last five years, as its CEO, has driven tremendous growth. His experience advising corporate and public sector leaders on risk and transformation makes Nick the ideal executive to continue Marsh Risk’s market leadership and further its trajectory of growth and service excellence.

“Martin has decades of experience serving clients and driving innovation. He has deep relationships across industries, and as Chief Client Officer, will bring our unique capabilities together to help clients navigate this highly complex macro environment. Martin will also work to apply AI and other new technologies to enhance the client experience. I look forward to the contributions both will continue to make to our clients’ and Marsh’s success.”

Mr. Studer commented, “I am honored to lead Marsh Risk and delighted to be carrying forward our mission to grow a paradigm-shifting risk advisor, all-connected risk intermediary, and passionate advocate for our clients. This business has always had the most talented and dedicated risk and insurance professionals in the world. With our team, robust data and analytics, and AI-enhanced client experience, we will continue to help clients protect what matters most: their people, assets, and future.”

“A touchstone of Marsh, across all our businesses, is that we put clients at the center of everything we do. With the power and breadth of our expertise and a keen understanding of our clients’ needs, we can serve them like no other professional services firm,” said Mr. South. “I am excited for the opportunity to continue to increase our client impact and help to accelerate growth in this new role.”

Mr. Studer joined Oliver Wyman in 1997 and served in senior consulting roles across its consumer, industrial, and financial services practices before being named President and CEO in 2021. He has served on several cross-industry organizations, including as a founding Director of TheCityUK and a founding advisory board member of the FICC Markets Standards Board.

Mr. South rejoined Marsh in 2007 and served as CEO of the business in multiple regions, including Asia-Pacific, UK and Ireland, Europe, and US and Canada, before becoming President and CEO of Marsh Risk in 2022. He first joined the company in 1985 with Bowring Marsh. His leadership experience includes roles at Zurich Financial Services, where he was a member of the Group Management Board, responsible for all of Zurich’s operations outside of North America and Europe, and CEO of Zurich’s London operations.

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Marsh expects to announce a new CEO of Oliver Wyman and Marsh Management Consulting by April 1.

About Marsh McLennan

Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of over $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow on LinkedIn and X.

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FAQ

What leadership changes did Marsh & McLennan (MMC) announce?

Marsh & McLennan announced that Nick Studer will become President and CEO of Marsh Risk, while Martin South will become Senior Vice President and Chief Client Officer. Both roles are effective April 1, 2026, and both executives remain on the Executive Committee reporting to John Doyle.

Who is Nick Studer and what is his new role at Marsh & McLennan (MMC)?

Nick Studer was appointed President and Chief Executive Officer of Marsh Risk, effective April 1, 2026. He has served as CEO of Oliver Wyman and Marsh Management Consulting since July 2021 and previously held senior roles across Oliver Wyman’s financial services and corporate banking practices.

What new position will Martin South hold at Marsh & McLennan (MMC)?

Martin South will become Senior Vice President and Chief Client Officer of Marsh & McLennan Companies effective April 1, 2026. In this enterprise-wide role, he will focus on client relationships and remains a member of the Executive Committee, continuing to report to CEO John Doyle.

How is Martin South’s compensation changing under the new arrangement at MMC?

Under the amended terms, Martin South continues his current base salary and becomes eligible for an annual bonus with a target of $1,500,000 starting with the 2026 performance year, plus a long-term incentive award targeting $1,750,000 beginning with the 2027 award cycle.

What severance protections were provided to Martin South in the MMC filing?

Beginning April 1, 2026 for 12 months, if Martin South is involuntarily terminated without Cause or leaves for any reason, he receives severance as if involuntarily terminated without Cause under the Senior Executive Severance Pay Plan. From April 1, 2027, he participates on the same terms as other eligible employees.

When do the Marsh & McLennan (MMC) leadership changes take effect?

The leadership changes, including Nick Studer becoming President and CEO of Marsh Risk and Martin South becoming Senior Vice President and Chief Client Officer, take effect on April 1, 2026. The related compensation and severance provisions align with this effective date and subsequent plan year cycles.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 12.6 KB