Bruce Broussard
MARSH & MCLENNAN COMPANIESAbout Bruce Broussard
Bruce Broussard (age 63) was appointed as an independent director of Marsh McLennan on July 9, 2025 and joined the Audit Committee, having met all applicable independence and committee requirements . He is the former CEO of Humana (2013–2024) and previously held senior leadership roles at McKesson Specialty/US Oncology, including CFO, President, CEO and Chairman .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Humana Inc. | President (2011), Chief Executive Officer | 2013–2024 | Led major payer; deep expertise in insurance and healthcare operations |
| McKesson Specialty/US Oncology | CFO, President, CEO, Chairman | 2000–2011 (US Oncology tenure began 2000; later integrated with McKesson Specialty) | Grew specialty care platform; payer-provider ecosystem experience |
External Roles
| Organization | Role | Status | Committees/Impact |
|---|---|---|---|
| HP Inc. | Director | Current | Large-cap tech governance; risk/strategy oversight relevance |
| Cleveland Clinic | Director | Current | Health system perspective; clinical operations and quality oversight |
| One Call | Director | Current | Claims/services network; payer-services ecosystem insight |
| The Business Council; AHA CEO Roundtable | Member | Current | Policy and health outcomes advocacy |
| Trust for the National Mall | Chair of Board | Current | Nonprofit governance and stakeholder engagement leadership |
Board Governance
- Committee assignments: Audit Committee member upon appointment; independence affirmed by Board .
- Independence: Designated as an independent director; MMC maintains majority-independent board and an independent Chair structure .
- Attendance and engagement: MMC reported 2024 board/committee average attendance of ~96%, with all directors ≥75%; Broussard’s personal attendance will be disclosed in the next proxy due to his mid-2025 appointment .
- Governance practices (selected): Majority voting for directors, proxy access, special meeting rights (20%), no poison pill, annual board/committee evaluations .
Fixed Compensation
Independent director compensation structure (applies to all non-management directors, including Broussard):
| Element | Amount | Notes |
|---|---|---|
| Basic Annual Retainer (cash or stock) | $140,000 | Paid quarterly; directors may elect cash/stock and defer stock units |
| Annual Stock Grant | $200,000 grant-date value in MMC common stock | Granted June 1; deferral available under Directors’ Stock Compensation Plan |
| Supplemental Retainer – Independent Chair | $200,000 | Not applicable to Broussard unless serving as Chair |
| Supplemental Retainer – Audit Chair | $30,000 | For committee chair only; Broussard is a member (not chair) |
| Supplemental Retainer – Compensation Chair | $25,000 | Chair only |
| Supplemental Retainer – Other Committee Chairs | $20,000 | Chair only |
- As stated in his appointment 8-K, Broussard will be compensated per MMC’s standard “Description of Compensation Arrangements for Independent Directors” filed previously; the table above summarizes those arrangements .
Performance Compensation
| Component | Status |
|---|---|
| Annual bonus (cash) | Not provided for directors |
| Performance-based equity (PSUs/options) | Not provided for directors; directors receive time-based stock grants under the Directors’ Stock Compensation Plan |
Other Directorships & Interlocks
| Company/Institution | Sector | Potential Interlock/Exposure |
|---|---|---|
| HP Inc. | Technology | No direct MMC board overlap disclosed; standard cross-industry oversight |
| Cleveland Clinic | Healthcare provider | Mercer/MMC may have client relationships in health benefits; no related-party transactions disclosed; MMC reviews and approves any related person transactions via policy |
| One Call | Claims/services | Potential industry adjacency to MMC clients; no related-party transactions disclosed; policy oversight applies |
MMC’s Related Person Transactions Policy is administered by the Directors & Governance Committee; any transactions involving MMC and a director or their affiliates are approved only if in the best interests of shareholders .
Expertise & Qualifications
- Healthcare payer leadership: CEO tenure at Humana provides deep knowledge of risk selection, medical cost management, regulatory dynamics, and capital deployment in insurance—aligned with MMC’s risk and benefits advisory businesses .
- Financial and operational acumen: CFO and CEO roles at US Oncology/McKesson Specialty; supports audit committee service and financial literacy expectations .
- Public company governance: Board experience at HP Inc.; broad oversight of technology and cybersecurity issues relevant to MMC clients .
Equity Ownership
- Director stock ownership guideline: Must hold MMC shares/stock units equal to at least 5× the basic annual retainer ($700,000 at current retainer levels); may not sell MMC shares until threshold attained .
- Hedging/pledging: Directors are prohibited from hedging or pledging MMC securities; insider trading policies require preclearance and compliance .
- Deferrals: Directors may elect to defer retainer and stock grants into stock units; dividend equivalents reinvested .
Governance Assessment
- Board effectiveness: Broussard strengthens sector expertise linkage between MMC’s insurance/benefits advisory businesses and payer operations, valuable for risk oversight and client strategy (positive signal) .
- Independence and committee fit: Independent Audit Committee appointment with affirmed compliance supports robust financial oversight (positive signal) .
- Potential conflicts: Multiple healthcare-related affiliations create theoretical related-party exposure; MMC’s governance (RPT policy, prohibition on hedging/pledging, majority voting) and committee oversight mitigate conflict risk. Monitor next proxy for any disclosed transactions or committee changes (watchpoint) .
- Workload and board limits: MMC guideline caps independent directors at four public company boards; current disclosure shows one public board (HP Inc.), with other roles in nonprofit/private entities—no guideline breach indicated (positive/neutral) .