The executive lineup is changing at a major insurance broker.
Marsh & McLennan Companies Inc., New York, says Stephen Hardis will be succeeding Robert Erburu as the company’s chairman.
Erburu, who has been chairman of Marsh since March 2005, has reached the company’s mandatory retirement age for directors.
Hardis, 70, has been a member of the Marsh board since 1998.
Hardis previously has been chairman of Eaton Corp., Cleveland, and of Axcelis Technologies Inc, Beverly, Mass.
Michael Cherkasky continues to be president of Marsh.
Marsh also has announced that shareholders have rejected 2 shareholder proposals.
One proposal would have required that board members receive a majority of votes cast, rather than a plurality, and another would have required detailed reporting of Marsh’s political contributions.
Marsh urged shareholders to vote against both proposals.
Marsh is incorporated in Delaware. Because of quirks in Delaware law, requiring board members to receive a majority of votes cast would make ejecting an unpopular director more difficult than the current plurality vote requirement, according to Marsh.
Under the current rules, Marsh can demand the resignation of a director who receives more “withheld” votes than “for” votes, the company says.
Marsh says the political contribution reporting proposal was unnecessary because the company makes only modest contributions and records of the contributions are subject to public disclosure rules.