The ink wasn’t dry on H. Edward Hanway’s retirement package with health insurer CIGNA when he was elected to the board of directors for mega-broker Marsh & McLennan Co. (MMC).

Hanway served as CIGNA’s chairman and CEO from 2000 to 2009. In late 2009, the 57-year-old Hanway said he was retiring, and CIGNA said replacements would reflect a would split in his duties, naming David Cordani as its CEO, and Isaiah “Ike” Harris Jr. as company chairman, effective Jan. 1.

“His extensive insurance industry experience—as well as his significant efforts to improve the quality, accessibility and affordability of health care in the United States—make Ed an exceptional addition to the board,” Stephen Hardis, chairman of MMC’s board of directors, said in a statement. “We look forward to his contributions in 2010 and beyond.”

Hanway’s election came after MMC reported that its board had determined that he was considered independent from management under the company’s director independence standards, clearing the way for approval via New York Stock Exchange-listed company standards. The addition of Hanway brings the MMC board to 12 members, including 11 independent directors.

Hanway is a former member of the America’s Health Insurance Plans board of directors, and serves on the board of directors for the Alliance for Health Reform.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access