Nick Studer to succeed Martin South as Marsh Risk CEO; South becomes Chief Client Officer

MARSH & MCLENNAN COMPANIES, INC.

Effective April 1, 2026: Nick Studer becomes President and CEO of Marsh Risk, replacing Martin South.
Martin South transitions to Chief Client Officer of Marsh, focusing on client experience and AI.
Studer previously served as CEO of Oliver Wyman; South had been Marsh Risk CEO since 2022.
South's compensation: base salary unchanged, annual bonus target $1.5M, LTI target $1.75M for 2026/2027.
Both report to Marsh President and CEO John Doyle and remain on the Executive Committee.

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