US INSURANCE giant Marsh and McLellan announced a revamp of its business practices yesterday, as its chief executive resigned in the wake of a fee manipulation controversy that caused a 50% fall in its share price.

Marsh & McLennan directors may force chief executive Jeffrey Greenberg to step down after the world’s largest insurance brokerage lost two-fifths of its market value following a lawsuit by New York Attorney General Eliot Spitzer, investors said.