Marsh & McLennan Replacing Its Chief
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The insurance broker said it would replace Michael G. Cherkasky after a year of disappointing results. The news sent company shares higher.
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Shares of Marsh & McLennan Cos. were whipsawed on Friday amid conflicting reports that a change in the insurance broker's top management was imminent.
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The chief executive and chairman of the Marsh &amp; McLennan Companies, the world&#39;s biggest broker of insurance, resigned yesterday, less than two weeks after his company was accused of cheating customers.
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Jeffrey W. Greenberg, chairman and chief executive of Marsh & McLennan Companies Inc., which is the target of a bid-rigging investigation by New York's attorney general, submitted his resignation on Monday, the company said.
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SAN FRANCISCO (CBS.MW) -- Marsh &amp; McLennan CEO Jeffrey Greenberg resigned Monday and was replaced with Michael Cherkasky as the insurance broker tries to work towards a settlement with New York officials.
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NEW YORK -- Marsh &amp; McLennan Cos. Inc., the world's biggest insurance brokerage, said yesterday it will cut 750 jobs, consolidate some locations, and revamp its information technology structure to cut costs.
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Broker Marsh &amp; McLennan Cos.&#39; (MMC.N: Quote, Profile, Research) internal investigation into accusations of insurance bid-rigging has triggered the dismissal of four executives in recent days, a company representative said on
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The outside directors of Marsh &  McLennan MMC.N have talked to New York's attorney general  about having its chief executive step aside amid a probe into  its business practices, the Wall Street Journal said on Friday.
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The new head of Marsh &amp; McLennan Cos., Michael G. Cherkasky, has three key traits working in his favor: clean hands, a reputation for toughness and the right friends.
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A day after the resignation of its chairman and chief executive officer, Marsh &amp; McLennan Cos. announced on Tuesday it would stop accepting fees that had prompted a lawsuit by New York state Attorney General Eliot Spitzer.
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Embattled insurance brokerage Marsh & McLennan Companies Inc. said Tuesday that it will lay off 3,000 employees, or about 5 percent of its work force, as it struggles to deal with the fallout from a bid-rigging probe by New York Attorney General Eliot Spitzer.
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Marsh &amp; McLennan chief executive Jeffrey Greenberg could announce his resignation as soon as today as a result of New York attorney general Eliot Spitzer&#39;s investigation into alleged corruption in the insurance industry.
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NEW YORK Marsh &amp; McLennan has a good chance of surviving despite the departure of Jeffrey Greenberg, its chief executive, as long as its outside directors understand that removing Greenberg is not the last but the first change they will have to make.
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NEW YORK - Marsh and McLennan chief executive Jeffrey Greenberg has resigned, 11 days after New York Attorney-General Eliot Spitzer accused the company of rigging insurance prices and taking kickbacks.
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A FORMER mentor to Eliot Spitzer replaced Jeffrey Greenberg as chief executive of Marsh &amp; McLennan last night, as the embattled insurance group made its first move towards settling a lawsuit with the New York Attorney-General.
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Shares of Marsh & McLennan Cos. were  whipsawed on Friday amid conflicting reports that a change in  the insurance broker's top management was imminent.
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Marsh &amp; McLennan Cos., the insurance broker sued by New York Attorney General Eliot Spitzer last month, said five company executives stepped down from the board.