Marsh & McLennan Companies Chief Executive Officer Michael G. Cherkasky has signed a three-year contract worth $1 million in base salary and potentially millions in annual bonuses over the life of the contract.
The former prosecutor with the New York District Attorney's Office took his post in October 2004 after a company scandal over commercial insurance price-fixing forced the ouster of then CEO Jeffrey Greenberg.
In a filing with the Securities and Exchange Commission Friday, MMC revealed that it entered into a new employment agreement with Mr. Cherkasky, on July 25, covering the next three years. The contract renews for successive one-year terms after the three years, unless Mr. Cherkasky or MMC decides not to renew the agreement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
