Marsh & McLennan Companies Inc. announced today that Brian Duperreault, who had a successful career as chairman and chief executive officer of ACE Ltd., has been named MMC's new president and CEO.
Mr. Duperreault, who is leaving the board member post he retained at ACE, replaces Michael G. Cherkasky as CEO. Beleaguered MMC announced last month that Mr. Cherkasky would leave as soon as his replacement was found.
MMC has been in difficulties since 2004 when its key insurance brokerage unit, Marsh Inc., was entangled in a scandal over its placement practices. That led to the resignation of Jeffrey Greenberg, then MMC CEO, and resulted in the firm agreeing to give up lucrative contingent commissions that investigators said served as kickbacks in a price-fixing scheme.
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