CEO Cherkasky sees firm retaining top dog status
Marsh & McLennan Companies plans to make up for revenueslost when the company surrendered hundreds of millions incontingency commissions by driving costs and inefficiencies out ofits system rather than jacking up fees for clients, the firm's CEOemphasized last week.
In an exclusive interview with senior editors from NationalUnderwriter, Michael G. Cherkasky–MMC's president and chiefexecutive officer, as well as chairman and CEO of its Marshbrokerage subsidiary–said the firm is in the midst of an efficiencydrive, including the elimination of tens of thousands ofunprofitable accounts, after a layoff of some 5,500 employees.
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