LAWSUITS NEWS & LEGAL INFORMATION
CEO Severance
New York, NY: (Feb-23-08) Marsh & McLennan Cos. Inc. (MMC) has been locked in a legal battle with Michael Cherkasky, the executive they brought in to broker a costly legal settlement in 2005, over severance issues related to his resignation. Records show that the former prosecutor, who was head of MMC corporate unit Kroll Inc., before being tapped for the top spot in 2005, was brought in after ex-CEO Jeffrey Greenberg was ousted amid allegations the insurance brokerage accepted kickback payments in exchange for placing business with certain insurers. While Cherkasky was praised for helping to lift MMC out of its legal troubles, he eventually came under investor fire for the company's poor financial performance.
The dispute was resolved after the company agreed to pay Cherkasky $7.15 million as part of a severance package reached after he was forced out earlier in 2008. As per a Securities and Exchange Commission report, MMC, one of the world's largest insurance brokers, said it would pay ex-CEO Cherkasky a lump sum, and agreed to allow stock and option awards vest immediately. Company spokespersons said that Brian Duperreault, an industry veteran who had been chief executive of Bermuda-based insurer Ace Ltd., was brought in this month to replace Cherkasky. Marsh & McLennan Cos. Inc. will pay Cherkasky $7.15 million as part of a severance package reached after he was forced out earlier this year. [INSURANCE JOURNAL: CEO SEVERANCE]
Published on Feb-25-08
The dispute was resolved after the company agreed to pay Cherkasky $7.15 million as part of a severance package reached after he was forced out earlier in 2008. As per a Securities and Exchange Commission report, MMC, one of the world's largest insurance brokers, said it would pay ex-CEO Cherkasky a lump sum, and agreed to allow stock and option awards vest immediately. Company spokespersons said that Brian Duperreault, an industry veteran who had been chief executive of Bermuda-based insurer Ace Ltd., was brought in this month to replace Cherkasky. Marsh & McLennan Cos. Inc. will pay Cherkasky $7.15 million as part of a severance package reached after he was forced out earlier this year. [
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