The subject line on the analyst's note from David Small at Bear Stearns said it all, “Christmas comes early for MMC shareholders,” following the announcement today that Mike Cherkasky, the embattled president and CEO of Marsh & McLennan Companies, is on his way out the door–a move I suggested was inevitable in my blog back on Dec. 10.
While I very much doubt my blog was the last straw (especially since I suggested that Mike probably wouldn't be gracefully forced out until mid-year 2008), comments like mine certainly reflected a widespread dissatisfaction within the investment community that MMC itself acknowledged today.
MMCs financial performance in 2007 has fallen far short of our expectations,” said Stephen R. Hardis, the company's non-executive chairman. “The Board has taken this performance into account, and listened to concerns raised by some of the companys largest shareholders in recent quarters, in making this change.”
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