Marsh & McLennan Companies Inc. has announced the resignation of Peter F. Garvey, co-president of Marsh, the company’s risk and insurance services subsidiary. The company stated personal reasons for the resignation, which took effect immediately.
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.
Michael G. Cherkasky, president and chief executive officer of MMC and chairman and chief executive officer of Marsh, said, “Pete has made valuable contributions to Marsh in a variety of capacities during his 25 years with the organization. Pete made this decision after careful consideration, and we wish him well. Bill and Phil are 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.”