Marsh & McLennan Companies' (MMC) board of directors is facing the largest shakeup in the company's history after five of its members resigned.
Ten outside directors have maintained their positions on the MMC board of directors, the company announced.
The resignations came from directors who were also officers of the company.
Resigning board members are: MMC vice chairman Mathis Cabiallavetta; MMC Mercer benefits consulting unit president Peter Coster; MMC vice chairman and chairman and chief executive of MMC Capital, Charles Davis; former chairman and chief executive of MMC's Marsh brokerage unit and now a senior adviser to Marsh, Ray Groves; chairman of Putnam Investments and former chairman of MMC, AJC Smith.
The changes follow the resignation of four of the company's executives in the wake of the New York attorney general's probe into anti-competitive practices at the company.
MMC has named former partner with the law firm of Gibson, Dunn & Crutcher Peter Beshar as its new senior vice president and general counsel.
