Michael G. Cherkasky, president and chief executive officer of Marsh & McLennan Companies, said he erred in his selection of leaders for Marsh, allowing the firm's business to become unprofitable.
"My role as CEO is to look at the business and put the right leaders in place and then help them perform and be successful. I will tell you I got it wrong," Mr. Cherkasky said in response to a question about the failure of Marsh to show third-quarter growth under his tenure. "I didn't help in the critical areas of Marsh in the U.S. and the UK to get that right."
His remarks came during an investment analyst's teleconference call to discuss the third-quarter results for the New York-based services firm–the parent company of insurance brokerage firm Marsh, reinsurance firm Guy Carpenter, Mercer and Oliver Wyman consulting, and risk consulting firm Kroll.
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