NEW YORK -- The chief executive of New York's Marsh & McLennan firm resigned Monday as regulators drew a bead on his stewardship of the big insurance-brokerage.
Jeffrey W. Greenberg, bowing to pressure from regulators and investors, resigned and was promptly replaced by Michael Cherkasky, the Wall Street Journal reported.
Greenberg's departure caps days of marathon conference calls by the board's 10 outside directors, including one call Sunday, aimed at resolving a crisis that began on Oct. 14 when New York's attorney general brought bid-rigging and civil fraud charges against the New York company.
In unveiling his suit, Eliot Spitzer all but made Greenberg's resignation a condition of any settlement. Big investors added to the pressure late last week, calling for the ouster of the 53-year-old Greenberg.
Since Oct. 14, Marsh & McLennan has suspended several workers and replaced the head of its insurance-brokerage unit.
