Paul Beswick
Chief Information & Operations Officer at MMC
Executive
About Paul Beswick
Paul Beswick, age 50, is Senior Vice President and Global Chief Information & Operations Officer (CIOO) of Marsh McLennan. He leads Business and Client Services (BCS), overseeing Operations and Technology across the Company; his role was expanded in January 2025 after serving as Marsh McLennan’s Chief Information Officer from 2021 to 2025 . Previously, he was a Partner and Global Head of Oliver Wyman Labs and the Digital Practice, and led Oliver Wyman’s North American Retail Practice . Company performance under the compensation program’s core metrics has been strong: 2024 revenue was $24.5B (+8% GAAP), adjusted EPS growth was 10.6% (max multiplier), GAAP operating income rose 10%, and TSR was 13.7% in 2024 with 5-year annualized TSR of 15.5% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marsh McLennan | Chief Information Officer | 2021–Jan 2025 | Led enterprise technology; supported adjusted EPS growth and margin expansion initiatives embedded in executive incentives . |
| Marsh McLennan | SVP & Global CIOO (leads BCS) | Jan 2025–Present | Created BCS to centralize investments in operational excellence, data, AI and analytics; mandate to drive innovation and client outcomes across businesses . |
| Oliver Wyman (MMC subsidiary) | Partner; Global Head of Oliver Wyman Labs & Digital Practice; Head of North American Retail Practice | Prior to 2021 | Built advanced analytics and digital capabilities across sectors (FS, retail, transport, telecoms, CPG), foundational to MMC’s AI/data strategy . |
External Roles
No public company directorships or external board roles disclosed for Beswick in SEC filings. (Skip—no disclosure.)
Fixed Compensation
Not disclosed for Beswick. Marsh McLennan’s program for senior executives comprises base salary, target annual bonus, and annual long-term incentives (50% stock options, 50% PSUs). Variable pay is the majority of target compensation for senior executives and is aligned to adjusted EPS growth and relative TSR modifiers .
Performance Compensation
| Element | Metric | Weighting / Structure | Target / Scale | 2024 Actual/Payout Basis |
|---|---|---|---|---|
| Annual Bonus (Company-wide framework) | Company or business Net Operating Income | Typical weights: CEO 80% financial/20% strategic; other corporate senior execs 70%/30%; business CEOs 80%/20% | Financial factor scale: 0–150% based on performance vs target; strategic factor scale: 0–150% | Company net operating income exceeded target; example CEO/McGivney 104.6%/financial factor 123.2%; business CEOs exceeded targets (illustrative of framework) . |
| Annual Bonus multiplier | Adjusted EPS (company-level) | Applied as 0.70x–1.30x multiplier to bonus outcomes | Target: 8% adjusted EPS growth; ±2pp around target sets min/max | 2024 adjusted EPS growth 10.6% → 1.30x max multiplier . |
| Long-term Incentive (PSUs) | 3-year annualized Adjusted EPS growth | Payout factor | Threshold/Target/Max: Target 8%; Target−4pp→50%; Target+4pp→200% | 2022 PSU cycle paid 200% on 14.6% 3-year EPS growth; TSR at 65th percentile yielded 1.15x modifier but capped at 200% . |
| Long-term Incentive (TSR modifier) | 3-year relative TSR vs S&P 500 constituents | Modifier | 25th/50th/75th percentile → 0.75x/1.00x/1.25x (interpolated) | 65th percentile for 2022 PSUs corresponded to 1.15x but no incremental effect due to cap . |
| Stock Options | Time-vested | 50% of LTI grant value; exercise price at prior-day high-low average; 10-year term | Vest in four equal annual installments over 4 years | 2024 example grants set exercise price $200.468; vest in 2025–2028 (illustrative of plan mechanics) . |
Equity Ownership & Alignment
- Stock ownership guidelines for senior executives: 3x base salary; CEO 6x. Executives must hold shares acquired from equity awards until reaching/maintaining the guideline; PSUs are excluded from the ownership calculation; there is a five-year transition for compliance following 2022 guideline changes .
- Hedging and pledging are prohibited for directors and senior executives; insider trading policies require pre-clearance and adherence to 10b5‑1 and NYSE standards .
- Equity award features: minimum one-year vesting for at least 95% of awards; no dividends on unvested awards; no option/SAR repricing without stockholder approval; options exercise price not below fair market value .
- Beneficial ownership: MMC discloses named executives and the group total; Beswick’s individual share count is not separately disclosed in the proxy; “all directors and executive officers as a group” owned ~0.35% of outstanding shares as of Feb 28, 2025 .
Employment Terms
- Severance protections under the Senior Executive Severance Pay Plan: 1x base salary + 1x average bonus (past 3 years) + pro‑rata current-year bonus; 12 months medical/dental at employee rates and outplacement; contingent on release and restrictive covenants .
- Change-in-control: double-trigger vesting (requires both a change in control and qualifying termination); no excise tax gross-ups; equity awards follow double-trigger acceleration if not assumed on equivalent terms .
- Restrictive covenants: confidentiality, noncompetition, and nonsolicitation apply to senior executives; noncompetition period for non-CEO named executive officers is typically 12 months post-termination (CEO 24 months) .
Company Performance Context (relevant to incentive metrics)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Adjusted EPS Growth (%; further adjusted for executive compensation purposes) | 7.5 | 20.5 | 14.6 | 18.8 | 10.6 |
| Net Income ($ billions) | 2.016 | 3.143 | 3.050 | 3.756 | 4.060 |
| TSR (Value of $100 investment) | 107 | 161 | 156 | 181 | 206 |
Compensation Structure & Governance Signals
- High variable pay: ~83% of other NEOs’ target total direct compensation and ~93% of CEO’s target is variable; LTI mix is 50% options / 50% PSUs .
- Clawbacks: SEC/NYSE-compliant clawback for restatements; additional detrimental conduct clawback approved by the Compensation Committee .
- Peer benchmarking: Compensation peer group includes AON, WTW, AJG, AIG, Chubb, Travelers, Accenture, S&P Global; reviewed annually, unchanged since Sept 2019 .
- Say-on-pay: 93% approval in 2024, indicating strong shareholder support for the pay design .
Strategy & Execution Highlights Linked to Beswick
- BCS Creation: Centralizes operations, data, AI, and analytics investments to accelerate innovation and client impact; Beswick emphasized AI’s role in simplifying operations and elevating service quality to reinvest in client value and growth .
- Enterprise performance tailwinds: 2024 GAAP revenue +8% to $24.5B; adjusted operating income +11% with continued margin expansion for the 17th consecutive year; supports sustainability of incentive targets .
Investment Implications
- Alignment: Beswick operates under robust alignment mechanisms—ownership guidelines (3x salary), hold requirements, prohibition on hedging/pledging, and multi-year equity vesting with rigorous EPS/TSR hurdles—reducing misalignment and short-termism risk .
- Retention risk: Standardized severance and double-trigger CIC without tax gross-ups, plus 12-month non-compete, suggest balanced retention protection without excessive entrenchment; BCS leadership scope likely enhances strategic relevance and retention incentives .
- Trading signals: Absence of disclosed personal selling/pledging and strict insider trading policies/10b5‑1 controls dampen near-term insider selling pressure indicators; monitor future Form 4s for signal changes .
- Pay-for-performance: With the Company achieving maximum adjusted EPS multipliers and strong TSR over multi-year periods, the design should continue to produce high PSU realizations if execution sustains; investors should track EPS growth and TSR percentile vs S&P 500 constituents each cycle .