New York — Marsh & McLennan Cos. Inc. has named former ACE Ltd. CEO Brian Duperreault as president and CEO of MMC. Duperreault, who retired from Hamilton, Bermuda-based ACE in 2006, succeeds Michael Cherkasky in the lead role at MMC. The New York-based company announced last month it was seeking to replace Cherkasky, citing a need for new leadership amid disappointing financial results.
“Throughout his career, including 10 years as a CEO, Brian Duperreault has proven his ability to produce results and create shareholder value,” Stephen Hardis, chairman of MMC’s board, said in a statement. “We are delighted to welcome him to MMC.”
The Dec. 21, 2007, announcement that Cherkasky would resign when MMC found a new CEO was the second major management change in less than four months. The board fired Brian Storms in September as chairman and CEO of brokerage unit Marsh Inc. for what MMC viewed as poor execution of Marsh's long-term strategy. Earlier in December, Marsh tapped Daniel Glaser, managing director of AIG Europe (U.K.) Ltd. and regional president of American International Underwriters' U.K./Ireland division as well as a former Marsh employee, to head the brokerage.
From 1994 to 2004, Duperreault served as CEO of ACE Ltd. He then served as chairman of the board from 2004 to 2007. ACE's net premiums are currently $12 billion. Under his leadership, ACE grew from a boutique catastrophe insurance specialist into a global multi-line commercial enterprise. He presided over significant organic growth as well as the acquisition of several businesses, including the 1999 acquisition of Cigna's property/casualty business. During his tenure at ACE, the company's market capitalization grew from $1.1 billion to approximately $19 billion today.
"I am honored to become the CEO of MMC, a company that comprises several of the world's greatest brands in risk and insurance services and consulting," said Duperreault. "I look forward to working with the company's talented executives. This is an institution with unrivaled resources and capabilities. My mission is to capitalize on the strength of MMC's operating companies to deliver value to clients, employees and shareholders."
Sources: Marsh & McLennan Cos. Inc., Business Insurance
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