Clayton, Dubilier & Rice ("CD&R" or "the Firm") announced Dan Glaser, former President and CEO of Marsh McLennan ("MMC"), has joined the Firm as an Operating Partner. Mr. Glaser joins CD&R's Financial Services team and will help source new investments and support portfolio company management teams as they execute their value creation plans.
Mr. Glaser is a global leader in the insurance, risk management, retirement, and professional services industries, and has held senior positions in commercial insurance and insurance brokerage across the United States, Europe, and the Middle East. As President and Chief Executive Officer of Marsh McLennan, Mr. Glaser oversaw the company's Marsh, Guy Carpenter, Mercer, and Oliver Wyman brands, guiding them to market-leading positions generating over $20 billion of annual revenue, increasing the company's market cap by $63 billion and overseeing MMC's total shareholder return by 480% during his tenure. In addition to growing the company organically during his time as CEO, Mr. Glaser oversaw more than 140 acquisitions at MMC with an aggregate transaction value in excess of $14 billion.
Mr. Glaser started his career at MMC in 1982 and held a series of senior leadership roles, including Chairman and Chief Executive Officer of its Marsh subsidiary from 2007 to 2011 and Group President and Chief Operating Officer from 2011 through 2012, when he became President and CEO. Earlier in his career, Mr. Glaser acted as the President and Chief Operating Officer of Willis' Risk Solutions business and served in senior roles at AIG leading its UK and Ireland business and AIG Global Energy.
"With his over 40 years of financial services operating experience, I believe Dan will have a very significant impact on our ability to source, evaluate and manage opportunities in the financial services sector," said CD&R Co-President Rick Schnall. "His reputation for operational excellence precedes him, and we believe his expertise will greatly benefit our firm." CD&R Partner and Financial Services vertical leader David Winokur added, "I could not be more excited to be partnering with Dan to build CD&R's Financial Services vertical into an industry leading platform."
"CD&R has a track record of partnering with management teams to build stronger and better performing businesses," said Mr. Glaser. "I look forward to working alongside the talented Financial Services team to deepen our presence across our core subsectors of Insurance, Wealth & Retirement Services, Banking & Credit Services, and Fintech."
Mr. Glaser previously served as the Chairman of the US Federal Advisory Committee on Insurance and on the Board of Ascot Syndicate and is currently Co-Chair of the International Advisory Board for British-American Business. Mr. Glaser is a graduate of Ohio Wesleyan University and completed the Advanced Management Program at Harvard Business School. He holds an Honorary Doctorate of Humane Letters degree from St. Thomas Aquinas College.
Mr. Glaser's appointment follows several recent senior additions to CD&R's Financial Services vertical. Former JP Morgan Chase Chief Operating Officer Gordon Smith was engaged as an Operating Advisor to CD&R funds in October, and David Winokur joined CD&R as a Partner and head of the Financial Services vertical in September.
About Clayton, Dubilier & Rice
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses across a broad range of industries, including Industrials, Healthcare, Consumer, Technology and Financial Services. Since its inception in 1978, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of more than $175 billion. For more information on CD&R, please visit www.cdr-inc.com and follow the Firm's activities through LinkedIn and @CDRBuilds on Twitter.