The subject line on the Bear Stearns analyst's note from David Small said it all last month–"Christmas Comes Early For MMC Shareholders." The alleged "gift" was the announcement that Michael Cherkasky, the embattled CEO of Marsh & McLennan Companies, was on his way out–a move I suggested was inevitable on Dec. 17.
While I doubt my column was the last straw (especially since I didn't expect a change until midyear), complaints like mine echoed widespread dissatisfaction with the firm's management.
MMC's nonexecutive chairman, Stephen Hardis, rightfully praised Mr. Cherkasky for saving the company. Had it not been for the relationship Mike enjoyed with Eliot Spitzer, Marsh would have had a much more difficult time settling bid-rigging and contingency fee abuse charges.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
