Michael J. Cloherty Resigns as Gallagher VP, CFO

Arthur J. Gallagher & Co. announced that Executive VP and CFO, Michael J. Cloherty, has resigned his current positions and stepped down from the Company’s Board of Directors effective September 3, 2002.

The Company announced that “Mr. Cloherty has signed a 10-year employment contract with Gallagher in a newly-created role of Special Advisor to the Chief Executive Officer.” It’s also begun a search for his successor.

Company President and CEO, J. Patrick Gallagher, praised Cloherty’s efforts. “After guiding the finances of our company very effectively for the past 21 years,” he stated, “Mike has decided to concentrate his activities on his growing family business.” He indicated that Cloherty’s “new role will allow him to spend more time with his family business while we will continue to benefit from his valuable expertise.”

The announcement noted that “Cloherty, 54, joined Gallagher in 1981 as its Chief Financial Officer, was elected to the Board in November 1981 and was elected Executive Vice President in 1996. During those years, he also served as the Company’s Secretary and at various times was Chief Executive Officer of Gallagher’s Brokerage and Risk Management Services Division and its Financial Services Division. He also served on the Executive Management Team of Gallagher Bassett Services, the Company’s risk management and claims payment provider.”