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Marsh & McLennan to pay ex-CEO $7.15 million severance

NEW YORK
Fri Feb 22, 2008 1:56pm EST

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NEW YORK (Reuters) - Marsh & McLennan Cos Inc (MMC.N) will pay its former chief executive $7.15 million in severance pay, according to a regulatory filing on Friday.

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MMC, which is one of the largest insurance brokers, said it will pay ex-CEO Michael Cherkasky a lump sum as part of a separation agreement.

All unvested equity awards previously granted to Cherkasky -- who was forced out earlier this year after investors grew disgruntled with the company's poor financial performance -- will vest in full. But Cherkasky will not to be paid any bonus for 2007, according to MMC's filing with the U.S. Securities and Exchange Commission.

(Reporting by Lilla Zuill)
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