Five Execs Leave Marsh Board of Directors

Marsh & McLennan Cos. Inc., the insurance broker accused by New York’s Atty. Gen. Eliot Spitzer of bid-rigging fraud, on Thursday said five senior executives stepped down from its board.

Marsh, criticized for having too many insider directors, said its board now consists of Chief Executive Michael Cherkasky and 10 outside members.

“Marsh’s action is a very significant step in implementing the kind of management that the public and shareholders have been wanting,” said Larry Soderquist, director of Vanderbilt University’s Corporate and Securities Law Institute in Nashville.

Marsh also deferred a decision on paying its first-quarter dividend. The company pays a quarterly dividend of 34 cents a share.