Marsh & McLennan (MMC) President and CEO Michael Cherkasky has kicked himself upstairs to concentrate on growth, while Brian Storms, former CEO and President of subsidiary Mercer Human Resource Consulting, has been appointed as the new Chairman and CEO of mega-broker Marsh.

Mr Storms has only been with Mercer for a short time, joining the company in August last year. Prior to that he was President and CEO of UBS Global Asset Management Americas.

Mr Cherkasky will continue as CEO of MMC, saying he wants to dedicate more of his time to “refining and implementing MMC’s overall growth strategy” and creating value for shareholders.

“In the relatively short time Brian Storms has been with MMC, he has demonstrated decisive, effective leadership and an ability to implement positive change,” Mr Cherkasky said. “Brian, along with the rest of the firm’s seasoned senior management team, will build upon Marsh’s leadership in the risk and insurance services market to drive profitable growth.”