MMC Turns to Duperreault as new CEO

Marsh&McLennan Companies, Inc. (MMC), whose insurance brokerage unit has undergone management changes in recent months, on Wednesday tapped Brian Duperreault as MMC’s new president and chief executive officer.

According to a company announcement, the 60-year-old Duperreault’s new assignment is effective immediately. He succeeds Michael G. Cherkasky who the company said was replaced amid disappointing financial results (See MMC Shuffles out CEO).

“Throughout his career, including 10 years as a CEO, Brian Duperreault has proven his ability to produce results and create shareholder value,” said Stephen R. Hardis, Chairman of MMC’s Board of Directors, in the announcement.

Duperreault served as CEO of ACE Limited, a Bermuda-based insurer, from 1994 to 2004. He then served as chairman of the board from 2004 to 2007.

Prior to ACE, Duperreault was with American International Group for more than 20 years, holding numerous positions and eventually rising to become executive vice president of AIG Foreign General Insurance and chairman and chief executive of AIG’s American International Underwriters (AIU), which comprises all of AIG’s non-U.S. commercial business.

The December 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 (See CEO Storms is Out at Marsh).

Earlier in December, Marsh tapped Daniel S. Glaser, managing director of AIG Europe (U.K.) Ltd., regional president of American International Underwriters’ U.K./Ireland division, and a former Marsh employee, as its head (See Daniel Glaser to be New Marsh CEO).