On the Marshy Road to Recovery

USA Today: Cherkasky Begins New Era for Marsh. The executive suite of ousted Marsh & McLennan CEO Jeffrey Greenberg is being retrofitted as a conference room. The company’s $25 million Falcon 900 jet is for sale. And last week Marsh held its first conference call with the media in memory. For a besieged insurance giant with almost $12 billion in annual sales, the moves could be dismissed as token stabs at corporate resuscitation. But for Michael Cherkasky, the rumpled former prosecutor newly tapped to lead the revival of the world’s largest insurance brokerage, the changes represent a crucial distancing from the old guard that led the firm to the brink of ruin after allegations of bid-rigging and collusion.

So, which stage does the removal of a CEO represent in the loss process? Clearly not denial. I’m split between bargaining and acceptance. Marsh & McLennan released Michael G. Cherkasky’s employment agreement last week. The employment agreement for his predecessor – Jeffrey Greenberg – is also available.