MMC CEO says setting path for growth

(Adds executive comment from annual meeting, background, share price, byline)

By Lilla Zuill

NEW YORK, May 15 (Reuters) - Marsh & McLennan Cos Inc's (MMC.N: Quote, Profile, Research) recently named chief executive said on Thursday he plans to expand the company organically, while also pursuing growth through acquisitions.

And he added that units that no longer fit would be shed.

Brian Duperreault, who took over at MMC, one of the world's largest insurance brokerages, nearly four months ago, said he met the board earlier to set a series of growth and financial objectives for 2008 and into 2009.

"Our financial performance in recent years has not been acceptable," Duperreault told investors. "Management has to repair what is wrong and get us back on track to success."

Duperreault was brought in by the brokerage to replace former CEO Michael Cherkasky, who saw the company through a difficult regulatory probe, but failed to deliver a strong financial performance and growth. Duperreault, a former chief executive of insurer Ace Limited (ACE.N: Quote, Profile, Research), said his top objectives are to boost the financial and operating performance at MMC's main insurance brokerage unit, Marsh Inc, and as already disclosed, sell units at its Kroll corporate security and investigation subsidiary.

Duperreault said a new chief executive at Marsh Inc, Dan Glaser, had begun turning things around since his appointment in December, with revenue growing 7 percent in the first quarter, while expenses fell 3 percent.