MMC Names New Chairman, CEO at Marsh Inc.

Marsh & McLennan Companies Inc. (MMC) on Friday announced a change in the management of Marsh Inc., its risk and insurance services subsidiary.

Michael Cherkasky has been named chairman and chief executive officer of Marsh Inc. effective immediately.

Formerly CEO of Marsh Kroll, MMC’s risk consulting subsidiary, Cherkasky has a record as a manager, prosecutor, investigator, and trial attorney. He joined Kroll in 1994, rising to the position of president and CEO in 2001.

Prior to joining Kroll, Cherkasky spent 16 years in the criminal justice system, including serving as chief of the Investigations Division for the New York County District Attorney’s Office.

Cherkasky succeeds Ray Groves, who has served as chairman and CEO of Marsh since 2003. Groves will become senior advisor to Marsh. Roger Egan will continue as president and chief operating officer of Marsh Inc.

Jeffrey Greenberg, chairman and CEO of MMC, said, “Since learning about the Attorney General’s allegations, we have taken strong and immediate action. We are committed to determining the facts, and we will take all appropriate action to deal with any incidence of wrongdoing and assure we are serving the best interests of our clients. Mike’s appointment as chairman and chief executive officer of Marsh recognizes the new additional priorities that the company faces. At the same time, this change will allow Roger Egan to support that effort and devote his time to managing the business and serving clients.

“Pending completion of the investigation, we have suspended market services agreements (MSAs), and we are actively reviewing every aspect of Marsh’s business to identify and stop any practices that might encourage behavior that is inconsistent with our values and commitment to the highest professional and ethical standards.

“We thank Ray for his service to Marsh and look forward to his contributions in his new role.”

Latest Comments

• May 1, 2007 at 2:00 am

  Tom O\'Keefe says:

  I am interested in comparing notes with anyone who has first hand information regarding the bid-rigging protocol at Marsh, especially from former employees or insurance market... read more
• October 18, 2004 at 4:10 am

  Steve says:

  Marsh has exercised these practices for years. This isn't anything new. Where were these "neysayers" during the last 10 years when another national organization took on Marsh.... read more
• October 18, 2004 at 3:52 am

  SUSAN says:

  At first, I was happy but than I thought of all the "workers" at Marsh that would be affected. I am not happy about that....but the big fat happy disgusting golfers who have e... read more