Marsh & McClennan (NYSE: MMC) has announced that its CEO Michael Cherkasky is out. The board of directors is searching for a new CEO. Over the last two weeks 247WallSt.com named a list of 10 CEO’s WHO NEED TO GO for 2008, and Mr. Cherkasky was one of those 10 CEO’s.
Shares were up 3% initially on this news but now it appears that shares are up roughly 5% in thin pre-market trading volume. Now all of a sudden the volume disappeared and the indications are not there, so we aren’t able to say where this will open. We would like to take the opportunity here though to tell the board of directors that they may be part of the problem. When companies have known for a long time that their CEO is disliked and not doing the right job and DON’T have a list of 20 successor candidates then they are inept.
Here is the list of our other CEO’s to go:
- John Thompson at Symantec
- Finish Line’s Alan Cohen
- Gary Pruitt of McClatchy
- James Tobin of Boston Scientific
- Angelo Mozilo of Countrywide
- Hector Ruiz at AMD
- BigBand Networks’ Amir Bassan-Eskenazi
- Circuit City’s Schoonover
- Patricia Russo of Alcatel-Lucent
Jon C. Ogg
December 21, 2007
Join our free email distribution list to hear about other special situations, IPO previews, reorganizations, break-ups and more.