Just when you think Marsh might be getting its act together in its quest to overcome the fallout from bid-rigging and contingency fee scandals, its CEO, Brian Storms, suddenly takes a hike or is kicked out the door. For the embattled behemoth, it's back to square one.
All the mega-brokers have struggled to repair tarnished reputations and replace billions in revenue lost when they surrendered the volume-based bonuses that got them into hot water in the first place. But none have been harder-pressed to regroup than Marsh. Now, that mission becomes even more difficult–although if the right leader is found, this could turn out to be a tremendous opportunity for Marsh in the long run.
Mr. Storms' rocky two years at the helm exemplified the difficulties facing Marsh. He got off on the wrong foot with his biggest customers during a panel discussion in Honolulu at the 2006 Risk and Insurance Management Society's annual conference, suggesting the fee scandal was behind them.
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