Kroll Execs Move Up MMC Ladder

Kroll Execs Move Up MMC Ladder

NU Online News Service, Jan. 10, 2:35 p.m. EST?Marsh & McLennan Companies Inc. said two Kroll executives were appointed to senior management positions within the company.[@@]

Michael A. Beber was named senior vice president and chief strategic development officer, and Michael A. Petrullo was named senior vice president and chief administrative officer.

Both will report directly to Michael G. Cherkasky, president and chief executive officer. The appointments take effect immediately.

"With MMC facing the most crucial time in its 134-year history, our mission is to resolve the company's legal issues, restore its reputation, and maximize its value to shareholders," said Mr. Cherkasky. "To assist with this challenge, we are tapping the talents of two people who have proven track records and with whom I have worked closely over the last few years. They join a team of talented people already at MMC to help this great enterprise move forward."

Mr. Beber, 45, will be responsible for developing MMC's long-term corporate strategy and working with each operating business, including Marsh, Mercer, Putnam, Guy Carpenter and Kroll, on corporate development, long-term strategies and growth plans.

He was most recently Kroll's executive vice president for strategic development and president of its Background Screening Group. He spearheaded several major acquisitions that diversified Kroll's services significantly and expanded its revenues and profitability. Previously, he had a career in forensic accounting, specializing in financial due diligence. As a financial expert, he worked on hundreds of complex litigation matters related to diverse industries and business practices. Earlier in his career, he served as a partner with BDO, as a senior manager with KPMG, and as a senior accountant with Price Waterhouse. He is a chartered accountant from Canada.

As MMC's chief administrative officer, Mr. Petrullo, 36, will focus on developing the company's infrastructure to support its business model, driving efficiencies, and enhancing operating performance as MMC evolves as a holding company.

Mr. Petrullo, who was executive vice president and chief operating officer of Kroll before it was acquired by MMC, had recently been named chief financial officer for the combined risk consulting businesses of Marsh and Kroll. While at Kroll, Mr. Petrullo was instrumental in helping the firm return to financial health and representing the firm in the investment community. Before joining Kroll, he was a senior accountant with KPMG Peat Marwick.

New York-based MMC announced the acquisition of Kroll in May of last year. Mr. Cherkasky was president and chief executive officer of the security firm prior to its acquisition. He was promoted to his current position with MMC in October of last year.

The move came in the wake of New York Attorney General Eliot Spitzer's suit against MMC for alleged contingent commission fee abuses within the company's insurance brokerage firm Marsh. The suit led to the ouster of then chairman and chief executive officer Jeffrey Greenburg, whose dismissal was sought by Mr. Spitzer before discussions for a negotiated settlement would begin.