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Deals and People September 12, 2005
Storms Moves Up at Marsh
September 12, 2005 (PLANSPONSOR.com) - On Friday
afternoon, Michael G. Cherkasky, president and chief
executive officer of Marsh & McLennan Companies, Inc.,
announced that Brian M. Storms has been named chairman and
chief executive officer of Marsh Inc., its risk and insurance
services subsidiary, and that E. Michael Caulfield has been
appointed president of Mercer Human Resources Consulting,
both effective immediately.
Reported by Nevin E. Adams
Storms, who served most recently as president and chief executive officer of Mercer Human Resource Consulting, succeeds Cherkasky, who continues as president and chief executive officer of MMC. Caulfield, formerly chief operating officer of Mercer Human Resource Consulting, succeeds Storms as president of the firm.
Storms, 50, was named to head the firm’s HRO consulting unit in January (see Storms to Run Mercer HR Consulting in MMC Reorg ). He was tapped to head the merged operations of Mercer’s defined contribution administration business with Putnam in 2004 (see Marsh Melds Mercer, Putnam DC Operations ). Previously Storms was president and chief executive officer of UBS Global Asset Management, Americas (seeNew CEO Storms into UBS ).
In making the announcement, Cherkasky said, “With Marsh making progress in its recovery, it is time for me to dedicate my full attention to refining and implementing MMC’s overall growth strategy and to creating value for MMC’s clients and shareholders by bringing together our full portfolio of capabilities to serve our clients’ complex, global needs.
“In the relatively short time Brian Storms has been with MMC, he has demonstrated decisive, effective leadership and an ability to implement positive change. He is a highly regarded executive with a long track record of managing and delivering bottom-line performance in financial services businesses. Brian will work closely with Marsh President William Malloy, who has 25 years of experience in the insurance industry on both the underwriting and insurance broking sides. Brian and Bill, along with the rest of the firm’s seasoned senior management team, will build upon Marsh’s leadership in the risk and insurance services market to drive profitable growth.”