Posted on 31 Jan 2008
APX has named the former head of the core insurance-brokerage unit at Marsh & McLennan Cos., Brian Storms, as its new chief executive. APX provides trading infrastructure for the environmental-credits market.
The closely held APX company is expected to announce the hiring today.Additionally, it's also expected to announce that it has gotten a minority investment from Wall Street firm Goldman Sachs Group Inc.
APX is involved in the business of tracking and verifying emissions credits that companies can buy and sell. That market could expand as states gear up with rules on the volume of pollutants companies can release into the environment and how much of the energy they use is from renewable sources.
Mr. Storms said he had become familiar while at Marsh & McLennan with the risks that companies can face from climate change. Mr. Storms, who had worked at UBS AG, left Marsh in September.