Marsh & McLennan Companies Inc. announced today that BrianDuperreault, who had a successful career as chairman and chiefexecutive officer of ACE Ltd., has been named MMC's new presidentand CEO.

Mr. Duperreault, who is leaving the board member post heretained at ACE, replaces Michael G. Cherkasky as CEO. BeleagueredMMC announced last month that Mr. Cherkasky would leave as soon ashis replacement was found.

MMC has been in difficulties since 2004 when its key insurancebrokerage unit, Marsh Inc., was entangled in a scandal over itsplacement practices. That led to the resignation of JeffreyGreenberg, then MMC CEO, and resulted in the firm agreeing to giveup lucrative contingent commissions that investigators said servedas kickbacks in a price-fixing scheme.

Prior to announcing Mr. Cherkasky's exit, MMC named Daniel S.Glaser as Marsh CEO, filling a vacancy that arose in September whenBrian Storms left the brokerage after disappointing results duringhis tenure.

Stephen R. Hardis, chairman of MMC's board, hailed the new CEO'sarrival by noting in a statement that, “Throughout his career,including 10 years as a CEO, Brian Duperreault has proven hisability to produce results and create shareholder value. We aredelighted to welcome him to MMC.”

Mr. Duperreault said: “I am honored to become the CEO of MMC, acompany that comprises several of the world's greatest brands inrisk and insurance services and consulting. I look forward toworking with the company's talented executives.”

He added that MMC is “an institution with unrivaled resourcesand capabilities. My mission is to capitalize on the strength ofMMC's operating companies to deliver value to clients, employeesand shareholders.”

From 1994 to 2004, Mr. Duperreault served as CEO of ACE Ltd.,the Bermuda-based insurer MMC helped found in 1985. He served asACE chairman from 2004 to 2007. ACE's net premiums are currently$12 billion.

Describing Mr. Duperreault's tenure at ACE, MMC said he hadgrown the firm “from a boutique catastrophe insurance specialistinto a global multi-line commercial enterprise. He presided oversignificant organic growth as well as the acquisition of severalbusinesses, including the 1999 acquisition of Cigna's property andcasualty business.”

Under Mr. Duperreault, ACE's market capitalization grew from$1.1 billion to approximately $19 billion today.

Prior to ACE, Mr. Duperreault was with American InternationalGroup for more than 20 years, holding numerous positions,eventually becoming executive vice president of AIG Foreign GeneralInsurance and chairman and CEO of AIG's American InternationalUnderwriters, which comprises all of AIG's non-U.S. commercialbusiness.

In addition to Marsh, MMC is the parent company of Guy Carpenterreinsurance brokerage; Kroll, a risk consulting firm; Mercer, aprovider of human resources and related financial advice andservices; and Oliver Wyman, a management consultancy.

The firm has more than 55,000 employees, annual revenue of $11billion and a presence in more than 100 countries.

Jeffrey Greenberg's brother, Evan S. Greenberg, ACE's chairmanand CEO, issued a statement wishing Mr. Duperreault the best withhis job at MMC, which he called “a great global franchise and animportant presence in our industry.”

He added that “we have every confidence that Brian will providethe same exceptional leadership to Marsh & McLennan that hegave to ACE for so many years and for which we will always begrateful. We look forward to working with Brian and all of his newcolleagues.”