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In Brief / INSURANCE

Marsh ousts CEO of main subsidiary

September 15, 2007|From Times Wire Services

Marsh & McLennan Cos. said Brian Storms, chief executive of Marsh Inc., the insurance brokerage's main operating subsidiary, had been ousted, effective immediately.

"We now need a different set of leadership and operational skills to complete the successful transformation of Marsh," Marsh & McLennan CEO Michael Cherkasky said.

Cherkasky, who took the helm of the world's largest insurance brokerage in 2004, said he would act as CEO of Marsh on an interim basis.

Marsh & McLennan said a search for Storms' successor was underway. The company declined to elaborate on the reasons for his sudden termination.

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