How Mercer’s CEO planned her own retirement–and succession
Martine Ferland has spent more than 40 years on the front lines of retirement. This week, the CEO of Mercer and vice chair of Marsh McLennan is stepping down to start her own. Over the past five years, she has led the consulting giant to its best growth since 2008. In recent months, she’s also focused on facilitating a smooth transition for her successor, Pat Tomlinson. That includes traveling with him on a grand tour of Mercer’s global locations, holding weekly two-hour meetings on a wide range of topics, and letting Tomlinson own all the long-term decisions so they’re aligned with his vision.
She also gave him a book–a slim volume published last year by McKinsey called The Four Seasons of a CEO. Although it was not for sale ("a complete black market,” Ferland jokes), she did secure an extra copy that she presented to Tomlinson a few weeks ago at her retirement party in London. (This collection of articles might give you a taste of McKinsey’s leadership advice.)
Leaders like to impart wisdom through gifting books–or writing them. George David gave Louis Chenevert half a dozen history books to read when handing over the reins as CEO at United Technologies Corp. in 2008. (While writing a story on David, he sent me the same collection; Lenin’s Tomb stood out.) Ferland often gives books to colleagues, with a current favorite being The Heart of Business by former Best Buy CEO Hubert Joly in 2021.
Tomlinson says he plans to read Four Seasons. “I have it right here!” he said on a Zoom call, reaching above his desk. While the first chapter on becoming a high-potential CEO candidate didn’t captivate him, he says the second “would be good to read over the next few weeks as it’s about your first six to twelve months.”
More important was joining Ferland on global visits, especially as Tomlinson has built his career in the U.S. Along with helping him build key relationships, he says, Ferland shows “how you get good economic growth and outcomes and doing it with empathy.”
When asked which books have influenced him, Tomlinson reaches for two: The 2004 classic Blue Ocean Strategy and What Got You Here Won’t Get You There by executive coach Marshall Goldsmith in 2007. The latter came at a time in his career when he had to transition from building to influencing others as a leader. “Someone said, ‘Look, if you keep running things like this, you won’t have time for anything else.’ I gave that advice to somebody two days ago.”
Even for an HR consultancy, this CEO succession was unusually well-planned. “I wish I’d had an introduction similar to this one,” says Ferland, who recalls that her onboarding was rather short and sweet. Having helped her successor, her next best practice? Get out of the way.
Diane Brady
diane.brady@fortune.com
This story was originally featured on Fortune.com
