GLOBAL – Michael Caulfield has been appointed president of Mercer Human Resource Consulting, taking over from Brian Storms who has become chief executive of sister firm Marsh Inc.
Parent firm Marsh & McLennan said Storms, formerly president and CEO at Mercer, becomes chairman and chief executive at its risk and insurance services subsidiary Marsh, which has been embroiled in an insurance industry bid-rigging scandal.
Storms takes over at Marsh from MMC chief executive Michael Cherkasky, who continues in that role.
Caulfield, 58, is a former CEO of Prudential Investments and was previously chief operating officer of Mercer. The appointments are effective immediately.
"As I turn over the global leadership of Mercer Human Resource Consulting to Michael Caulfield, the firm is strongly positioned and on strategic course,” Storms, 50, said.
“I am confident that Mercer will continue to execute on its growth strategy and enhance its position as an industry leader and the trusted advisor and solutions provider of choice for its clients' needs."
"With Marsh making progress in its recovery, it is time for me to dedicate my full attention to refining and implementing MMC's overall growth strategy,” Cherkasky said.
"In the relatively short time Brian Storms has been with MMC, he has demonstrated decisive, effective leadership and an ability to implement positive change.
“He is a highly regarded executive with a long track record of managing and delivering bottom-line performance in financial services businesses.”
Storms will work with insurance Marsh president William Malloy.
Before joining Mercer last year Storms was CEO of UBS Global Asset Management, Americas.