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Marsh & McLennan Companies Executive Compensation (FY25)

MMC · Executive and director compensation, fiscal 2024 to 2025

The paid brief on Marsh & McLennan Companies

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Data as of September 7, 2026Latest filing (8-K): May 22, 2026
11 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Marsh & McLennan Companies brief$1,500Get the executive brief
297 figures on this page: 288 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
John Doyle
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee

More on Marsh & McLennan Companies

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — John Doyle: $22,807,539 → $25,051,051 (9.8% higher)
Say-on-pay support: 90.5% → 88.0% (2.5 points lower)
CEO pay ratio: 314:1 → 330:1 (5.1% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Marsh & McLennan Companies' chief executive and what were they paid?
John Doyle, President and Chief Executive Officer, Marsh McLennan, received $25,051,051 in total compensation for fiscal 2025. Compared with the $22,807,539 reported for fiscal 2024, Doyle's total was 9.8% higher.
What was Marsh & McLennan Companies' say-on-pay result?
The say-on-pay proposal drew 88.0% of votes cast including abstentions in favor at the meeting held May 21, 2026 for fiscal 2025.
Which companies are in Marsh & McLennan Companies' peer group?
Companies named in the disclosed peer group include Accenture plc, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co. and Automatic Data Processing, Inc., among others.
What is Marsh & McLennan Companies' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 330:1, against median employee compensation of $76,092.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Doyle
President and CEO, Marsh McLennan
◇—◇◇◇—◇◇
Martin South
President and Chief Executive Officer, Marsh and Vice Chair, Marsh McLennan
◇—◇◇◇—◇◇
Mark McGivney
Chief Financial Officer, Marsh McLennan
◇—◇◇◇◇◇◇
Patrick Tomlinson
President and Chief Executive Officer, Mercer and Vice Chair, Marsh McLennan
◇—◇◇◇◇◇◇
Dean Klisura
President and Chief Executive Officer, Guy Carpenter and Vice Chair, Marsh McLennan
◇—◇◇◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Doyle
President and Chief Executive Officer, Marsh McLennan
◇—◇◇◇—◇◇
Mark McGivney
Senior Vice President and Chief Financial Officer, Marsh McLennan
◇—◇◇◇◇◇◇
Martin South
President and Chief Executive Officer of Marsh Risk and Vice Chair, Marsh McLennan
◇—◇◇◇—◇◇
Dean Klisura
President and Chief Executive Officer of Guy Carpenter and Vice Chair, Marsh McLennan
◇—◇◇◇◇◇◇
Patrick Tomlinson
President and Chief Executive Officer of Mercer and Vice Chair, Marsh McLennan
◇—◇◇◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Dean M. KlisuraOPTION◇——◇—◇◇
Dean M. KlisuraPSU◇—◇—◇—◇
John Q. DoylePSU◇—◇—◇—◇
John Q. DoyleOPTION◇——◇—◇◇
Mark C. McGivneyOPTION◇——◇—◇◇
Mark C. McGivneyPSU◇—◇—◇—◇
Martin C. SouthOPTION◇——◇—◇◇
Martin C. SouthPSU◇—◇—◇—◇
Patrick TomlinsonOPTION◇——◇—◇◇
Patrick TomlinsonPSU◇—◇—◇—◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Dean KlisuraOption◇—◇2/22/2032
Option◇—◇2/21/2034
Option◇—◇2/22/2033
Option◇—◇2/17/2035
PSU◇◇——
PSU◇◇——
PSU◇◇——
Mark McGivneyPSU◇◇——
PSU◇◇——
Option◇—◇2/17/2035
PSU◇◇——
Option◇—◇2/22/2032
Option◇—◇2/22/2033
Option◇—◇2/21/2034
John DoyleOption◇—◇2/22/2033
PSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇2/22/2032
Option◇—◇2/21/2034
Option◇—◇2/17/2035
Martin SouthOption◇—◇2/22/2033
Option◇—◇2/17/2035
Option◇—◇2/21/2034
PSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇2/22/2032
Patrick TomlinsonOption◇—◇2/22/2032
Option◇—◇2/22/2033
PSU◇◇——
PSU◇◇——
Option◇—◇2/17/2035
Option◇—◇2/21/2034
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Dean Klisura
President and Chief Executive Officer of Guy Carpenter and Vice Chair, Marsh McLennan · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
John Doyle
President and Chief Executive Officer, Marsh McLennan · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Mark McGivney
Senior Vice President and Chief Financial Officer, Marsh McLennan · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Martin South
President and Chief Executive Officer of Marsh Risk and Vice Chair, Marsh McLennan · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Patrick Tomlinson
President and Chief Executive Officer of Mercer and Vice Chair, Marsh McLennan · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
H. Edward Hanway
Board chair
◇◇————◇
Anthony K. Anderson
◇◇————◇
Steven A. Mills
◇◇————◇
Morton O. Schapiro
◇◇————◇
Deborah C. Hopkins
◇◇————◇
Tamara Ingram
◇◇————◇
Lloyd M. Yates
◇◇————◇
Jan Siegmund
◇◇————◇
Judith Hartmann
◇◇————◇
Jane H. Lute
◇◇———◇◇
Oscar Fanjul
◇—————◇
Bruce Broussard
◇—————◇
Peter Harrison and John Q. Doyle served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Equity is delivered as Stock.
Stock ownership guideline: 5x annual retainer ($700,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Accenture plc ACN
  • American International Group, Inc. AIG
  • Aon plc AON
  • Arthur J. Gallagher & Co. AJG
  • Automatic Data Processing, Inc. ADP
  • The Travelers Companies, Inc. TRV
  • Willis Towers Watson plc WTW

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 19, 2022=◇◇◇
2020May 20, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 17, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Marsh & McLennan Companies disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Marsh & McLennan Companies sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
297 figures on this page: 288 cited to the filing that reported them, 9 calculated from figures it prints.
288 cited to the filing
9 calculated from the filing

Documents cited

  1. 0000062709-26-000128
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-133303
    2025 Independent Director Compensation · 2025 Outstanding Equity Awards at Fiscal Year-End Table · 2025 Summary Compensation Table · CEO Pay Ratio · and 2 more sections
  3. 0000950103-25-006177
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-066228
    2024 Summary Compensation Table · Compensation Discussion and Analysis
  5. 0000062709-24-000044
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000062709-23-000040
  7. 0000062709-22-000040
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000062709-21-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000062709-20-000028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000062709-19-000018
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000062709-18-000022
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Marsh & McLennan Companies executive compensation, FY2024–FY2025.” https://intel.velarion.ai/comp/MMC (accessed 2026).
Short form: data: Velarion

The paid brief for Marsh & McLennan Companies

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Marsh & McLennan Companies discloses

The companies named in MMC's own disclosed peer group.

Accenture plcAmerican International Group, Inc.Aon plcArthur J. Gallagher & Co.Automatic Data Processing, Inc.The Travelers Companies, Inc.Willis Towers Watson plc

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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