Marsh & McLennan looks for new CEO, as Cherkasky steps down

The board of directors at Marsh & McLennan Companies Inc. is on the hunt for a CEO to replace Michael G. Cherkasky.
Cherkasky has served as president and CEO of the company since 2004 and will continue to serve as CEO while the search for a new CEO is conducted, the company noted in a release.
“MMC is a venerable institution that might not be here today were it not for Mike Cherkasky,” Stephen R. Hardis, non-executive chairman of the board, said in a press release. “His leadership and crisis management skills in the wake of the New York Attorney General’s action in 2004 enabled MMC to weather a perfect storm and positioned the company for future growth.
“We all owe Mike an enormous debt of gratitude for his invaluable contribution.”
At the same time, Hardis noted, “MMC’s financial performance in 2007 has fallen far short of our expectations.”
Hardis said the MMC board took this performance into account and listened to concerns raised by some of the company’s largest shareholders in recent quarters, in announcing the departure of Cherkasky.
He said the MMC board would continue to actively oversee MMC’s portfolio of businesses and evaluate strategies to enhance shareholder value, including optimizing the company’s capital structure, reviewing its mix of businesses and improving operating performance, particularly at Marsh.
“To that end, we hired Dan Glaser as chairman and CEO of Marsh to significantly improve Marsh’s profitability,” Hardis announced. “The board believes that the full recovery of Marsh is essential to maximizing shareholder value in the most prudent and sustainable manner.”