Garvey Resigns As Marsh Co President
NU Online News Service, March 23, 9:20 a.m. EST? Peter F. Garvey, co-president of Marsh, resigned yesterday for personal reasons, parent company Marsh & McLennan Companies, Inc. announced.[@@]
William A. Malloy, co-president of Marsh, will become its president. Philip V. Moyles, Jr., executive vice president of Marsh, will become head of Marsh's North America Region and will continue his responsibilities as head of Global Client Development, MMC said.
Michael G. Cherkasky, president and chief executive officer of MMC and chairman and chief executive officer of Marsh– who took his post last October after a price-fixing scandal led to the departure of Jeffrey Greenberg–announced Mr. Garvey had decided to resign "after careful consideration, and we wish him well."
He said Mr. Garvey made "valuable contributions to Marsh in a variety of capacities during his 25 years with the organization."
Mr. Cherkasky added that Mr. Malloy and Mr. Moyles were "capable, experienced managers who have demonstrated their skills at Marsh. We are confident they will continue to lead the company successfully as it works with clients and insurance markets to implement its new business model."
In the wake of the price-fixing case, MMC reached a settlement with the New York Attorney General Office and agreed to repay customers who had been harmed. The firm also said it would no longer accept contingency fees from insurers, which it was accused of using to camouflage kickbacks paid to steer customers to carriers.
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