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Duperreault to head MMC

Brian Duperreault, the former ACE Ltd chief, has been appointed president and CEO of Marsh & McLennan Cos (MMC) with immediate effect, in a bid to boost the fortunes of the ailing financial services group.

Sixty-year-old Duperreault replaces former MMC CEO Michael Cherkasky, who was axed by the firm in December last year amid investor pressure as a result of the group's flagging performance.

Cherkasky had remained as CEO while MMC searched for a successor.

The appointment of Duperreault, a well-respected figure who left ACE in 2007 after helping to found the firm in 1985, and serving on the board as CEO and then chairman for 13 years, is considered something of a coup for MMC.

The veteran executive was linked with MMC last year as a possible replacement for Brian Storms - the axed CEO of the group's insurance broking arm Marsh.

"Throughout his career, including 10 years as a CEO, Brian Duperreault has proven his ability to produce results and create shareholder value," said Stephen R Hardis, chairman of MMC's board of directors. "We are delighted to welcome him to MMC."

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