Jeffrey Greenberg has resigned as chief executive and president of Marsh & McLennan (MMC).
He has been replaced by Michael Cherkasky.
The announcement came after speculation that Greenberg was being forced to stand down in order to settle the company's dispute with New York attorney general Eliot Spitzer.
Spitzer turned the spotlight on MMC when he filed a civil lawsuit that accused the company of bid-rigging and taking kickbacks.
MMC said replacing Greenberg would “enable the company to resolve its legal and regulatory issues.”
The board of directors said: “It is now time for the company to move forward to resolve the issues confronting it.”
