Brian Duperreault, Marsh & McLennan Companies new chief executive, outlined for stockholders today a plan to return the company to profitability that includes cost controls and cuts, divesting some businesses and acquiring others.

Speaking at the annual shareholder meeting, Mr. Duperreault, president and chief executive officer of MMC, called the New York-based services company, the parent of insurance broker Marsh and reinsurance broker Guy Carpenter, "a great company with tremendous potential," but acknowledged that its financial position has not performed "adequately."

For the first quarter of this year, MMC reported that net income dropped $478 million to a loss of $210 million compared to the same period last year. This translated into a loss of 40 cents a share, down 87 cents from the comparative period. Revenues improved 8 percent in the quarter by $235 million to more than $3 billion.

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