Marsh brokerage is reorganizing amid reports that several executives have quit as the operations are being realigned.
Marsh, the subsidiary of New York-based Marsh & McLennan Companies, announced today that it will be consolidating into U.S./Canada and International divisions.
Joseph M. McSweeny, formerly with Willis Group Holdings, will serve as president of the U.S./Canada division. Alexander Moczarski, currently chief executive officer of the Europe, Middle East and Africa region, was named president of the International division, Marsh said. He will be relocated to New York from London.
The firm also announced that Alexander W. "Sandy" Vietor was named president of Marsh's Global Specialties; Timothy J. Mahoney will head the Global Risk Management unit; and Henry S. Allen will continue to lead the Global Consumer division as president.
"Simplifying the current structure will enable Marsh to reduce complexity and improve efficiencies within the organization," said Daniel S. Glaser, chief executive officer of Marsh, in a statement.
The moves were the most high-profile changes since Mr. Glaser joined Marsh from American International Group last month, replacing Brian Storms, who left the company in September.
The company is also seeing the departure of Phil Moyles, chief executive of Marsh brokerage unit in the Americas, and Mark Feuer, chief operating officer of the Americas.
The shake-up comes on the heels of the recent announcement that Michael Cherkasky, president and chief executive officer of MMC, will leave the company after a replacement is found.
MMC has been buffeted with poor earnings reports since it gave up contingent commissions in 2005 in the face of a suit filed by the New York attorney general. There has been talk of a possible split-up of the company.
The most recent reports concern approval by the U.S. Federal Trade Commission of the purchase of stock by Trian Fund Manager, owned by Nelson Peltz, who is regarded as an activist billionaire, pushing companies to reform themselves.
However, how much of a stake Trian would have in MMC has not been revealed, though some reports say it would be a small position.
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