MARSH & MCLENNAN COMPANIES, INC. 8-K

What Happened

• On March 10, 2026 Marsh & McLennan Companies, Inc. filed an 8‑K announcing 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 CEO of Oliver Wyman and Marsh Management Consulting since July 2021 and has been with the company since 1997 in senior roles.
• Martin South will move to the role of Senior Vice President and Chief Client Officer of the company, also effective April 1, 2026. Both executives will remain on the company’s Executive Committee and will report to John Doyle, President and CEO of Marsh & McLennan.

Key Details

• Compensation committee action date: March 5, 2026 (amendment to Mr. South’s employment terms).
• Base salary: Mr. South will continue to receive his current base salary.
• Annual bonus: Mr. South eligible for an annual bonus with a target of $1,500,000 beginning with the 2026 performance year (awarded Feb. 2027).
• Long-term incentive: Target value of $1,750,000 commencing with the award to be made in 2027.
• Severance: From April 1, 2026 for 12 months, if Mr. South is involuntarily terminated without “Cause” or if he terminates for any reason, he will receive severance as if involuntarily terminated without Cause as of April 1, 2026. Beginning April 1, 2027, he will participate in the company’s Severance Plan on the same terms as other eligible employees.

Why It Matters

• This 8‑K documents an internal leadership transition at Marsh Risk and specific compensation and severance arrangements for Martin South intended to support the change. The filing does not disclose any changes to the company’s financial guidance or other material financial impacts. Investors should note the change in leadership and the related governance/compensation actions, which are intended to provide continuity during the transition.