Robert Erburu, lead director of MMC's board, said: "This step is in keeping with the company's commitment to adhering to corporate governance best practices. The board appreciates the services of these executives."

The board reshuffling is the latest shakeup since New York Attorney General Eliot Spitzer filed suit against the company charging that its Marsh Inc. brokerage united was guilty of rigging bids with major insurers. Mr. Spitzer, when he filed suit, expressed displeasure with the MMC management and Mr. Greenberg resigned within weeks. The company is now attempting to reach a settlement of the suit.

The company's board now consists of Michael G. Cherkasky, who succeeded Mr. Greenberg as the company's president and chief executive officer, and ten outside members of the board.

The company also announced that the board had decided to defer a decision concerning the company's dividend for the first quarter of 2005, pending completion of its review of Marsh's business model and ongoing regulatory matters.

The company, which has been a target for litigation since the Spitzer probe was announced also said it had hired a securities litigation specialist.

MMC said that Peter J. Beshar, a litigation partner at the firm of Gibson, Dunn & Crutcher, has been named senior vice president, general counsel, and corporate secretary of the company.

Mr. Beshar will report to Mr. Cherkasky. Mr. Beshar served as the co-chair of Gibson, Dunn's Securities Litigation Group.