Donald R. McLennan: Difference between revisions
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'''Donald Roderick McLennan''' (October 27, 1873 – October 14, 1944) |
'''Donald Roderick McLennan''' (October 27, 1873 – October 14, 1944) was born in [[Duluth, Minnesota|Duluth]], [[Minnesota]], son of William Lillingston McLennan and Julia MacLeod. He was the [[Entrepreneur|co-founder]] of the [[insurance broker]]age firm Burroughs, Marsh & McLennan in 1905, which was renamed [[Marsh & McLennan]] in 1906 after the retirement of Mr. D. W. Burroughs. McLennan served as the [[Chair (official)|Chairman of the Board]] from 1935 until his death in 1944 in [[Lake Forest, Illinois]]. At the time of his death, the firm had offices in [[Chicago]], [[San Francisco]], [[New York City]], and twenty other cities. In 2020, Marsh & McLennan Companies had over 76,000 employees and annual revenues of $17 billion.<ref>[http://mmc.com/ Marsh & McLennan Website]</ref> <ref>2016 Annual Report {{cite web|title=MMC – Form 10-K, 2016|url=https://www.sec.gov/Archives/edgar/data/62709/000006270917000008/mmc1231201610k.htm|website=SEC.gov|publisher=Securities and Exchange Commission|accessdate=12 December 2017|ref=2016-10K}}</ref> |
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==Professional life== |
==Professional life== |
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Donald McLennan and co-founder Henry Marsh introduced the "concept of a broker acting as a buyer of insurance representing the client, rather than as a seller of insurance."<ref name="MMC Milestones">[http://mmc.com/about/history.php/ MMC Milestones]</ref> Marsh and McLennan helped to pioneer the concept of risk management. |
Donald McLennan and co-founder [[Henry W. Marsh]] introduced the "concept of a broker acting as a buyer of insurance representing the client, rather than as a seller of insurance."<ref name="MMC Milestones">[http://mmc.com/about/history.php/ MMC Milestones] {{webarchive |url=https://web.archive.org/web/20070524015428/http://mmc.com/about/history.php/ |date=May 24, 2007 }}</ref> Marsh and McLennan helped to pioneer the concept of risk management. |
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In 1894, Donald McLennan began his insurance career at Stryker, Manley & Buck (formerly Kimberly, Stryker & Manley est.1881) in Duluth, MN; Soon after, he became a partner in C.H. Graves & Co., which shortly was consolidated with his former firm to become the Graves-Manley Agency. McLennan was a vice-president, and shortly thereafter, the firm became the McLennan-Manley Agency. |
In 1894, Donald McLennan began his insurance career at Stryker, Manley & Buck (formerly Kimberly, Stryker & Manley est.1881) in Duluth, MN; Soon after, he became a partner in C.H. Graves & Co., which shortly was consolidated with his former firm to become the Graves-Manley Agency. McLennan was a vice-president, and shortly thereafter, the firm became the McLennan-Manley Agency. |
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In the early 1900s, McLennan established a standard for thorough research in assessing risk: he spent 30 consecutive nights on a [[sleeper train]], traveling coast to coast across the U.S., to inspect the operations of the railroad lines. By 1917, the year the United States entered World War I, Marsh & McLennan had established offices throughout the country. During the war, McLennan became responsible for the allocation and regulation of building materials for purposes other than those directly related to the war effort. For the duration of the war, no U.S. company could build an industrial plant without McLennan's approval. In this way McLennan acquired many business contacts throughout the United States, enhancing Marsh & McLennan's reputation in the postwar period. While McLennan was the [[ |
In the early 1900s, McLennan established a standard for thorough research in assessing risk: he spent 30 consecutive nights on a [[sleeper train]], traveling coast to coast across the U.S., to inspect the operations of the railroad lines. By 1917, the year the United States entered World War I, Marsh & McLennan had established offices throughout the country. During the war, McLennan became responsible for the allocation and regulation of building materials for purposes other than those directly related to the war effort. For the duration of the war, no U.S. company could build an industrial plant without McLennan's approval. In this way McLennan acquired many business contacts throughout the United States, enhancing Marsh & McLennan's reputation in the postwar period. While McLennan was the [[chairman]] of the company, Marsh & McLennan expanded its business into the consulting industry in 1938.<ref name="MMC Milestones"/> |
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Over the course of his life, McLennan sat on the boards of the [[American Sugar Refining Company]], the Evergreen Mines Company, [[Armour & Company]], the First National Bank of Lake Forest, the [[Pennsylvania Railroad]], the Peoples Gas, Light and Coke Company, the [[Continental Illinois National Bank and Trust Company]], the [[Pullman Company]], [[Pullman, Inc.]], the Chicago Corporation, and the Empire Securities Company.<ref> |
Over the course of his life, McLennan sat on the boards of the [[American Sugar Refining Company]], the Evergreen Mines Company, [[Armour & Company]], the First National Bank of Lake Forest, the [[Pennsylvania Railroad]], the Peoples Gas, Light and Coke Company, the [[Continental Illinois National Bank and Trust Company]], the [[Pullman Company]], [[Pullman, Inc.]], the Chicago Corporation, and the Empire Securities Company.<ref> |
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{{cite news |
{{cite news |
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|author= |
| author = |
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|title=D. M'LENNAN DEAD; INSURANCE LEADER; Chairman, Founder of Marsh & McLennan Once Director of 99 Corpo... |
| title = D. M'LENNAN DEAD; INSURANCE LEADER; Chairman, Founder of Marsh & McLennan Once Director of 99 Corpo... |
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|date=October 15, 1944 |
| date = October 15, 1944 |
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|work=[[New York Times]] |
| work = [[The New York Times]] |
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|url=http://select.nytimes.com/gst/abstract.html?res=F70810FB3B5C167B93C7A8178BD95F408485F9&scp=1&sq=d.+m%27lennan+dead+insurance+leader&st=p |
| url = http://select.nytimes.com/gst/abstract.html?res=F70810FB3B5C167B93C7A8178BD95F408485F9&scp=1&sq=d.+m%27lennan+dead+insurance+leader&st=p |
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|accessdate=2008-08-10 |
| accessdate = 2008-08-10 |
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}}</ref> |
}}</ref> |
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==Personal life== |
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McLennan was married on February 14, 1906 to Katherine Cole Noyes of Milwaukee, Wisconsin,(daughter of George Henry Noyes and Agnes Allis Haskell) with whom he had three sons - Donald Roderick McLennan, Jr, George Noyes McLennan, and William Lillingston McLennan. He also had three daughters - Jane McLennan (Woodbury Swan Ober), Margaret McLennan (John Boit Morse), and Katherine McLennan (Keith Spalding Brown). |
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One of his grandsons, William (Scotty) L. McLennan, Jr., is the [[Dean (education)|Dean]] for Religious Life at [[Stanford University]] in Stanford, California. At Stanford, he oversees religious affairs and supervises over 30 university groups, is the [[Chaplain|University Chaplain]] of [[Stanford Memorial Church]], teaches undergraduate and [[Stanford Graduate School of Business|Graduate School of Business]] courses, and is widely known as an inspiration for his former [[Yale University]] roommate Gary Trudeau's character Rev. Scot Sloan in his Pulitzer Prize Award-winning cartoon strip [[Doonesbury]]. |
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==References and footnotes== |
==References and footnotes== |
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[[Category:American businesspeople]] |
[[Category:American businesspeople in insurance]] |
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[[Category:Businesspeople in insurance]] |
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[[Category:American chief executives]] |
[[Category:American chief executives]] |
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[[Category:American financiers]] |
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[[Category:American investors]] |
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[[Category:American people of Scottish descent]] |
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[[Category:1873 births]] |
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[[Category:1944 deaths]] |
[[Category:1944 deaths]] |
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Latest revision as of 20:04, 17 March 2022
Donald Roderick McLennan (October 27, 1873 – October 14, 1944) was born in Duluth, Minnesota, son of William Lillingston McLennan and Julia MacLeod. He was the co-founder of the insurance brokerage firm Burroughs, Marsh & McLennan in 1905, which was renamed Marsh & McLennan in 1906 after the retirement of Mr. D. W. Burroughs. McLennan served as the Chairman of the Board from 1935 until his death in 1944 in Lake Forest, Illinois. At the time of his death, the firm had offices in Chicago, San Francisco, New York City, and twenty other cities. In 2020, Marsh & McLennan Companies had over 76,000 employees and annual revenues of $17 billion.[1] [2]
Professional life
[edit]Donald McLennan and co-founder Henry W. Marsh introduced the "concept of a broker acting as a buyer of insurance representing the client, rather than as a seller of insurance."[3] Marsh and McLennan helped to pioneer the concept of risk management.
In 1894, Donald McLennan began his insurance career at Stryker, Manley & Buck (formerly Kimberly, Stryker & Manley est.1881) in Duluth, MN; Soon after, he became a partner in C.H. Graves & Co., which shortly was consolidated with his former firm to become the Graves-Manley Agency. McLennan was a vice-president, and shortly thereafter, the firm became the McLennan-Manley Agency.
In the early 1900s, McLennan established a standard for thorough research in assessing risk: he spent 30 consecutive nights on a sleeper train, traveling coast to coast across the U.S., to inspect the operations of the railroad lines. By 1917, the year the United States entered World War I, Marsh & McLennan had established offices throughout the country. During the war, McLennan became responsible for the allocation and regulation of building materials for purposes other than those directly related to the war effort. For the duration of the war, no U.S. company could build an industrial plant without McLennan's approval. In this way McLennan acquired many business contacts throughout the United States, enhancing Marsh & McLennan's reputation in the postwar period. While McLennan was the chairman of the company, Marsh & McLennan expanded its business into the consulting industry in 1938.[3]
Over the course of his life, McLennan sat on the boards of the American Sugar Refining Company, the Evergreen Mines Company, Armour & Company, the First National Bank of Lake Forest, the Pennsylvania Railroad, the Peoples Gas, Light and Coke Company, the Continental Illinois National Bank and Trust Company, the Pullman Company, Pullman, Inc., the Chicago Corporation, and the Empire Securities Company.[4]
References and footnotes
[edit]- ^ Marsh & McLennan Website
- ^ 2016 Annual Report "MMC – Form 10-K, 2016". SEC.gov. Securities and Exchange Commission. Retrieved 12 December 2017.
- ^ a b MMC Milestones Archived May 24, 2007, at the Wayback Machine
- ^ "D. M'LENNAN DEAD; INSURANCE LEADER; Chairman, Founder of Marsh & McLennan Once Director of 99 Corpo..." The New York Times. October 15, 1944. Retrieved 2008-08-10.