(by Ameli Berksman)
Marsh & McLennan will see no criminal charges from the New York Attorney General Eliot Spitzer as the company moves towards positive changes in its staff.
On Tuesday, the company announced the future "significant reforms in the business model" as its CEO Jeffrey Greenberg resigned Monday.
The new president and CEO for the company is Michael Cherkasky. Mr. Cherkasky was once a chief of the Investigations Division for the New York County District Attorney’s Office. New boss for the insurance broker is expected to negotiate more efficiently with the New York Attorney General over the scandal gripped all the industry some week ago.
The criminal charges won’t be applied towards the company, Spitzer’s office said on Monday. "The change in the leadership at the top and a willingness to move forward and discuss some of the issues we are facing," was said in the statement.
Marsh & McLennan’s shares climbed 9% to $28.85 in after-hours trading.