The Hartford (NYSE:HIG) today announced that Christopher J. Swift has been appointed chief executive officer of The Hartford and a member of the company’s Board of Directors and that Douglas G. Elliot has been named president. Liam E. McGee, currently chairman, president and chief executive officer, continues in his role as executive chairman of the Board until the next annual shareholders’ meeting. The company also appointed Beth A. Bombara to succeed Swift in the chief financial officer role. The appointments are effective July 1, 2014.
Christopher J. Swift (Photo: Business Wire)
“For nearly five years, Liam has successfully led The Hartford through a financial turnaround and strategic transformation that have resulted in a strong, focused company with attractive growth prospects,” said Thomas A. Renyi, presiding director of The Hartford. “We are very appreciative for all he has accomplished on behalf of the company, and look forward to continuing to benefit from his guidance and experience in his role as chairman.”
McGee said, “I am proud of what our team has accomplished over the last five years, returning this iconic American company to a strong financial and competitive position and delivering value to shareholders. With our strategic transformation largely complete, it is the right time for the company and me personally to make this transition. I have great confidence in Chris, Doug and Beth to continue our progress. I look forward to continuing as chairman to ensure a smooth transition, while also devoting additional time to continued recovery from a recent procedure related to my previously disclosed health issue.”
Renyi added, “The Board has been actively engaged in succession planning and we are pleased to be making this transition with all internal executives. Chris is a well-respected and strong leader who has more than 30 years of insurance experience. He also worked closely with Liam to develop The Hartford’s strategy and execute the company’s transformation. Doug is a highly regarded property and casualty industry leader who has driven significant performance improvement in the company’s Commercial Markets business. Beth is an accomplished executive with finance expertise and proven success leading Talcott Resolution, our runoff annuity operation. With a strong team in place, we are confident that this will be a seamless transition and that the company’s progress will continue.”