Marsh fires CEO over lagging sales
Marsh & McLennan Cos. ousted Chief Executive Michael Cherkasky, a former prosecutor brought in to clean up a bid-rigging scandal at the insurance industry’s largest brokerage, for failing to restore sales lost because of the investigation.
The company’s shares rose $1.32, or 5.3%, to $26.21 after directors said they would replace Cherkasky and signaled they might break up the company.
Cherkasky, named to the top job in 2004, sought to revive sales by getting brokerage, consulting and investigations units to sell each other’s services. The strategy didn’t work, and the New York company’s stock fell more than 5% during his tenure while No. 2 Aon Corp.’s shares more than doubled.
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