Marsh & McLennan CEO shown the door

Marsh & McLennan Cos. Inc. today said that its president and chief executive Michael G. Cherkasky will step down. His departure follows a decision the board of directors made in order to preserve shareholder value, the New York-based company said in a statement. “MMC’s financial performance in 2007 has fallen far short of our expectations,” said Stephen R. Hardis, non-executive chairman, in a statement. “The board has taken this performance into account, and listened to concerns raised by some of the company’s largest shareholders in recent quarters, in making this change.” Mr. Cherkasky has held the post since October 2004. Currently, MMC is searching for his replacement, but until one is found, Mr. Cherkasky will continue to play the role.