The Hartford Financial Services Group’s chairman and chief executive officer, Ramani Ayer, will retire from the company at the end of this year. The firm will begin an immediate, external search to replace the 62-year-old Ayer, who has been with the company since he graduated college. Ayer told stockholders on April 25 that despite recent losses, the insurer will not sell off its property-casualty operations, is taking steps to restructure its global annuity business, and is exploring options for its institutional markets group.
“We have recently made a series of important decisions about The Hartford’s path forward, setting the company on a new strategic course to build value for our shareholders,” said Ayer. “We will continue to leverage the venerable Hartford brand, moving ahead with our strong property and casualty and life franchises. With this clarity in place, it is the right time for me to make my plans for retirement and for the Board to begin the search for my successor.”
The Hartford’s Ayer Announces Plans to Retire (The Hartford 6/4/09)
June 9, 2009