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Marsh CFO to Step Down

Will remain with the insurance broker until it reports its current-year results.
Stephen TaubAugust 23, 2005

Sandra Wijnberg plans to resign as senior vice president and chief financial officer of Marsh & McLennan Cos. Inc., in March 2006.

The world’s largest insurance broker announced that it has begun an active search for her successor, but Wijnberg will remain until Marsh reports its 2005 results. She will also work closely with her successor “to ensure a smooth transition.”

“While we are disappointed that Sandra has decided to leave MMC, we greatly appreciate the substantial contributions she has made,” said president and chief executive officer Michael Cherkasky, in a statement. “With her skills, professionalism, and energy, she has added significant value to the company and led a first-class finance team.”

Added Wijnberg, who joined Marsh in January 2000 after two years as senior vice president and treasurer of Yum Brands Inc., “Now that the company is well on the path to recovering from its recent challenges, I believe that it is the right time for me to explore the next stage of my professional career.”

Last October, a probe by New York State Attorney General Eliot Spitzer led to the resignation of Marsh’s chairman and chief executive officer, Jeffrey Greenberg, who was succeeded by Cherkasky, then CEO of the company’s Marsh Inc. insurance broking unit. Earlier this year, Marsh agreed to pay $850 million to settle charges of fraud and anti-competitive practices stemming from Spitzer’s investigation.