Marsh McLennan management check
MRSH · Financials · Insurance Brokers · CEO John Q. Doyle
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $171, against $203 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.35 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.6% of net income$25.1m of reported pay in fiscal 2025, against $4.2bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.0 years of payThe CEO holds 133,467.021 shares, directly or through trusts (unvested awards not counted): about 1.0 years of pay. 6 insiders sold $10.9m in the last six months and none bought. 3 of 7 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.5% a year over the last three fiscal years. Stock-based pay was 1.5% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Daniel S. Glaser, John Q. Doyle. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 30 | 49 | |
| Pay for performance | 32 | 83 | |
| CEO cost | 68 | 67 | |
| Skin in the game | 15 | 51 | |
| Dilution | 56 | 69 | |
| Stable leadership | 45 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Insurance Brokers, by management score. Marsh McLennan is 69th of 72 in its sector.
Pay versus performance
From the proxy statement filed March 31, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | John Q. Doyle | $25.1m | $11.5m | $7.1m | $171 | $203 | $4.2bn |
| 2024 | John Q. Doyle | $22.8m | $32.3m | $7.5m | $192 | $176 | $4.1bn |
| 2023 | John Q. Doyle | $19.1m | $31.2m | $7.2m | $169 | $135 | $3.8bn |
| 2022 | Daniel S. Glaser | $30.9m | $23.2m | $8.1m | $146 | $121 | $3.0bn |
| 2021 | Daniel S. Glaser | $21.5m | $89.8m | $7.0m | $151 | $135 | $3.1bn |
The board says pay is tied most to Adjusted EPS. Its other key measures: TSR, Adjusted EPS as further adjusted for executive compensation purposes, Operating NOI growth.
Insiders and the CEO's stake
John Q Doyle (President and CEO) held 133,467.021 shares directly after their latest Form 4 on Sep 2, 2026, roughly $25.2m at that filing's price.
6 insiders sold $10.9m in the last six months and none bought. 3 of 7 sales ran on pre-arranged 10b5-1 plans.
- SoldJohn Q DoylePresident and CEO · 10b5-1 plan$5.8mSep 2, 2026
- SoldLloyd M YatesDirector$2.1mJul 23, 2026
- SoldMartin SouthChief Client Officer$1.3mJul 28, 2026
- SoldJohn Jude JonesChief Marketing Officer$1.2mAug 6, 2026
Leadership and governance on file
- Apr 14, 2026Leadership change8-K 5.02
- Mar 10, 2026Leadership change8-K 5.02
- Feb 25, 2026Leadership change8-K 5.02
- Jul 9, 2025Leadership change8-K 5.02
- Jul 10, 2024Leadership change8-K 5.02
- Mar 14, 2024Leadership change8-K 5.02
- Feb 23, 2024Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K 5.02
- Oct 12, 2023Leadership change8-K 5.02
- Jun 12, 2023Leadership change8-K 5.02
- Mar 29, 2023Leadership change8-K 5.02
- Nov 14, 2022Leadership change8-K/A 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $13.8bn returned to owners in buybacks and dividends, 76% of net income, and $1.8bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $19.8bn | $20.7bn | $22.7bn | $24.5bn | $27.0bn |
| Net income | $3.1bn | $3.0bn | $3.8bn | $4.1bn | $4.2bn |
| Stock-based pay | $348.0m | $367.0m | $363.0m | $368.0m | $394.0m |
| Buybacks | $1.2bn | $1.9bn | $1.1bn | $900.0m | $2.0bn |
| Dividends | $1.0bn | $1.1bn | $1.3bn | $1.5bn | $1.7bn |
| Diluted shares | 513m | 505m | 499m | 496m | 494m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.