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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
_____________________
Date of Report (January 17, 1994): January 18, 1994
Alexander & Alexander Services Inc.
(Exact name of registrant as specified in its charter)
Maryland 1-8282 52-0969822
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
organization)
1211 Avenue of the Americas 10036
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 840-8500
(Registrant's telephone number,
including area code:)
Not Applicable
(Former name or former address,
if changed since last report.<PAGE>
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Item 5. Other Events.
On January 17, 1994, Alexander & Alexander Services Inc. issued the
following press release:
T.H. IRVIN TO RETIRE AT A&A;
BOARD MEMBER ROBERT BONI ELECTED CHAIRMAN
NEW YORK, Jan. 17 -- T.H. Irvin, chief executive officer of Alexander &
Alexander Services Inc. (A&A), said today, "The board of directors of Alexander
& Alexander Services and I have agreed that in order to accelerate the pace of
change and effect improvements in operations and earnings, significant
changes in leadership of the company are necessary."
Mr. Irvin, 60, said, "We have decided on the following actions:
I will retire after 40 years at A&A. Effective immediately, I will
step down as chairman but continue to serve as chief executive officer of
the company until a successor is named. I will continue as a director;
Dr. Robert E. Boni, a member of our board of directors for the past five
years, has been elected as non-executive chairman of the board and
chairman of the executive committee of the board. In addition to
separating the roles of the chairman and the chief executive, the board
has determined that its executive committee will assume added
responsibilities for oversight of company policy and management
controls;
An international search for a new chief executive officer has begun, and
will be completed expeditiously."
Mr. Irvin continued, "Our company is on the threshold of a new era. A&A
is positioned to use its strengths in risk management and insurance services
and human resource management consulting to return greater value to
shareholders and provide increased opportunities for employees. Achieving
these goals requires recognition that the environment and needs of the
business have changed. Some of the old ways we do business must also
change.
"I have served as A&A's chief executive officer since 1987. During my
tenure, the company has grown significantly. We have reorganized lines and
areas of business. We have discontinued certain underwriting activities that no
longer fit our plans. We now face new and different challenges. To better
serve our customers, better meet our competition and better realize the value
inherent in our franchise, the time has come to change both the leadership and
the governance structure of the company."
Dr. Robert E. Boni, chairman of the board, said, "On behalf of the entire
board I would like to thank T. Irvin for his 40 years of service to the company
and the significant accomplishments he has achieved. I look forward to
working with him in implementing this transition. He has brought this company
through a turbulent period.
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He has brought new talent to the company and broadened the membership
and composition of the board of directors, all of which has set A&A on course
to build shareholder value.
"Working together with new leadership, we will help the company
increase its revenue stream, reduce costs and improve organizational controls.
We will seek to meet the challenges facing our industry as it proceeds into the
21st century."
T.H. Irvin was elected A&A CEO in May 1987 and chairman in May 1988.
After having served as executive vice president since 1978, he became
president of the company in March 1982. Mr. Irvin has served as a member of
the board of directors since 1970 and of its executive committee since 1975.
He joined A&A's Atlanta office in 1953 and subsequently served in
various management and executive capacities.
Dr. Robert E. Boni, 65, is a member of the A&A Board of Directors and is
the retired chairman of the board and chief executive officer of Armco Inc. He
has held directorships on a variety of corporate and university boards and has
also served as chairman of the board of directors of the Cincinnati branch of
the Federal Reserve Bank of Cleveland.
A&A Services Inc. [NYSE:AAL] is a global organization of professional
advisers providing risk management, insurance brokerage and human resource
management consulting services from offices in more than 80 countries.
##
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ALEXANDER & ALEXANDER SERVICES INC.
By: /s/ Ronald J. Roessler
Ronald J. Roessler
Senior Vice President &
General Counsel
Date: January 18, 1994
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Alexander & Alexander Services Inc.
1211 Avenue of the Americas
New York, NY 10036
Telephone 212 840-8500
FAX 212 444-4696
VIA EDGAR
January 18, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Re: Current Report on Form 8-K
Gentlemen:
Enclosed for filing please find one conformed copy of the Current Report on Form
8-K for Alexander & Alexander Services Inc. (the "Company"). This filing
notices the January 17, 1994 press release by the Company.
Sincerely,
/s/ Donna Somma
Donna Somma
Assistant Vice President
& Securities Counsel
DS/ht
Enc.
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