MMC chief executive goes following shareholder concerns

by Richard Kilner

Story link: MMC chief executive goes following shareholder concerns

The search has begun to find a replacement for Michael Cherkasky, chief executive of Marsh & McLennan Companies (MMC).

He has held the post, and that of president, since 2004. Whilst efforts to find a successor are underway Cherkasky will retain his position.

Choosing a new leader for the firm was decided to be the best course of action by the board of directors as they felt it would increase shareholder value.

MMC’s non-executive director, Stephen Hardis, explained that the firm’s financial performance this year was considered below par. It was this, coupled with shareholder opinions, that swayed the board to the argument that a change in leadership could lead to an improvement.

Hardis went on to say that, were it not for Cherkasky, the firm might not be here today, praising the chief executives actions in 2004 and paying tribute to his invaluable contribution to MMC.

Cherkasky has thanked his colleagues for their efforts since 2004, and praised the company, adding that he hoped it would be even more successful in the future.