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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (20651)	10/25/2004 3:32:17 PM
From: ild	Read Replies (2) \| Respond to of 110194

NEW YORK -- Jeffrey W. Greenberg resigned as chief executive and chairman of embattled Marsh & McLennan Cos. His replacement is Michael Cherkasky, newly named head of Marsh's insurance-brokerage unit, according to a person familiar with the matter. ....... The 10 outside directors on the 16-member Marsh board have complained about being caught flat-footed and blame management for not apprising them of the gravity of Mr. Spitzer's investigation, people close to the situation say. ......... The only executive who has been elevated during the crisis was Mr. Cherkasky, formerly head of Kroll Inc., the investigative firm Marsh acquired in July, who took over Marsh's insurance brokerage unit the day after Mr. Spitzer's suit was filed. Mr. Cherkasky was Mr. Spitzer's boss for a time in the Manhattan district attorney's office. Among those hit by the drop in Marsh's stock price are company employees. At the start of the year, they held more than 27.4 million Marsh shares, 5.2% of those outstanding, through a stock investment plan, according to regulatory filings. The company has encouraged employees to buy its shares by matching those purchases with company stock. Effective today, the company will lift remaining restrictions on employees' ability to sell that stock and choose another investment, a spokesman said. online.wsj.com