MMC CFO To Resign

Michael G. Cherkasky, president and chief executive officer of MMC, said: "While we are disappointed that Sandra has decided to leave MMC, we greatly appreciate the substantial contributions she has made. With her skills, professionalism and energy, she has added significant value to the company and led a first-class finance team. I am especially grateful for her wisdom and guidance during recent challenging months for MMC."

Mr. Cherkasky said the company has begun a search for a successor and that Ms. Wijnberg has agreed to stay through the transition period.

The professional services firm, whose companies include the insurance brokerage firm Marsh, the investment firm Putnam and the consulting firm Mercer, has been engaged in a series of legal scandals over the past few months involving all three entities.

In October, New York Attorney General Eliot Spitzer sued MMC over allegations of kickbacks and steering of insurance contracts to carriers paying profitable volume-based contingent commissions. MMC subsequently agreed to abolish contingent commissions–a loss of more than $800 million in 2004–and pay $850 million into a settlement fund to be dispensed to clients affected by the commissions.