Daniel S. Glaser says he couldn't wait to get started as the new chairman and chief executive officer at Marsh. He certainly will have his hands full as he begins his job today, but the bigger question is whether he can turn the troubled brokerage around quickly enough to save the job of his embattled boss–Mike Cherkasky. I think not.
Mr. Cherkasky, president and CEO of parent company Marsh & McLennan Inc., put the wrong person into the job when he hired Brian Storms, whose tenure–to be generous–was uneven, with far too many missteps for a firm struggling to regain its footing following allegations of bid-rigging and contingency fee abuse.
Mr. Cherkasky had no choice but to throw Mr. Storms to the wolves (better known as the shareholders, who were understandably upset with MMC's poor performance, and the analysts, who beat on the mega-broker like it was a piata).
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