“Simplifying the current structure will enable Marsh to reduce complexity and improve efficiencies within the organization,” said Daniel S. Glaser, chief executive officer of Marsh, who joined the firm last month, in the company announcement.
Key components of the reorganization identified were:
- Marsh’s global insurance broking business will be consolidated into two geographic divisions: U.S./Canada and International. As part of this combination, Marsh also announced that Joseph M. McSweeny, most recently of Willis Group Holdings, has joined Marsh and will serve as President of the U.S./Canada Division.
- Alexander Moczarski, currently chief executive officer of the Europe, Middle East and Africa (EMEA) region, was named President of the International Division. He will relocate to New York from London.
- Alexander W. (Sandy) Vietor, who joined Marsh in December, will serve as president of Marsh’s Global Specialties.
- Timothy J. Mahoney will lead the enhanced Global Risk Management (GRM) unit, into which the industry practices will now report.
- Henry S. Allen continues to lead the Global Consumer Division as president.
These executives report directly to Glaser, according to the firm.
A Reuters report released before the firm’s announcement predicted that the reorganization would include the departure of Phil Moyles, currently chief executive of the American brokerage operation, and also Mark Feuer, its chief operating officer. Moyles had been touted by departing Marsh & McLennan CEO Michael Cherkasky as one of the three leaders who would resurrect the brokerage operation after its setbacks. Cherkasky agreed to step aside in late 2007, but will continue in the top post until a replacement is identified (See MMC Shuffles out CEO).
Other operations, including the company’s Mercer and Kroll consulting units, will not be affected, sources said, according to the repot.