Giant insurance broker Marsh announced changes to its global organizational structure as well as several senior management appointments.
Marsh said its global insurance broking business will be consolidated into two geographic divisions: U.S./Canada and International. As part of this combination, Joseph M. McSweeny, most recently of Willis Group Holdings, has joined Marsh and will serve as president of the U.S./Canada Division.
Phil Moyles, who had been in charge of the insurance brokerage in the Americas, resigned yesterday, Marsh & McLennan spokeswoman Christine Walton confirmed.
Alexander Moczarksi, currently chief executive officer of the Europe,
Middle East and Africa (EMEA) region, has been named president of the International Division. He will relocate to New York from London.
The changes were announced by Daniel S. Glaser, chief executive officer of Marsh, who joined the firm last month from American International Group.
“Simplifying the current structure will enable Marsh to reduce complexity and improve efficiencies within the organization,” said Glaser.
Other management moves announced include:
Alexander W. (Sandy) Vietor, who joined Marsh in December, will serve as president of Marsh’s Global Specialties.
Timothy J. Mahoney will lead the enhanced Global Risk Management
(GRM) unit, into which the industry practices will now report.
Henry S. Allen continues to lead the Global Consumer Division as president.
These executives report directly to Glaser.
The shake-up follows a third quarter in which profits fell 40 percent.
After that performance, Michael Cherkasky, the CEO of Marsh & McLennan, parent to the giant insurance brokerage and other businesses, agreed to step down.
Just a few weeks before he himself was ousted, Cherkasky named Glaser to succeed Brian M. Storms, who had been forced out of the position as Marsh CEO in September.