A.J.C. "Ian" Smith, chairman of Putnam Investments, has stepped down from the board of directors of Marsh & McLennan.

Smith, who remains chairman of Putnam's board, served as a chairman and chief executive of MMC in the past.

MMC also announced that four other members of its board would step down, including Peter Coster, president of Mercer; Charles Davis, vice chairman of the board and chairman and chief executive officer of MMC Capital; and Ray Groves, senior advisor of Marsh. 

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