NU Online News Service, Oct. 25, 7:34 p.m. EDT — Jeffrey W. Greenberg, the chief executive officer of scandal-hit Marsh & McLennan Companies Inc., resigned from that post today to be replaced by Michael G. Cherkasky, a former prosecutor.
The board of directors' announcement of Mr. Greenberg's departure and Mr. Cherkasky's second recent elevation in the company's ranks came 12 days after MMC was hit by New York Attorney General Eliot Spitzer with a civil suit charging fraud and bid rigging. The announcement did not disclose what compensation arrangement there will be for Mr. Greenberg.
Mr. Spitzer in revealing the legal action had called on the board to examine its management. In reaction to the board's move he issued a statement saying it would permit the company and his office to move forward toward a civil resolution of the lawsuit and he will now not bring criminal charges against MMC.
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