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Hartford CEO to Leave By 2010
Hartford Financial Services Group (HIG Quote) said Chairman and CEO Ramani Ayer will retire from the company by the end of 2009.
Ayer, 62, joined the company in 1973 and has served as chairman and CEO of the company since February 1997. The board will begin an immediate, external search for Ayer's replacement, the company said.
Ayer presided over Hartford during a tumultuous year. The insurer battled intensifying credit crisis-related woes and concerns over its capital levels. Last month, it won preliminary approval for as much as $3.4 billion from the Troubled Asset Relief Program, or TARP, after the U.S. government granted insurers access to bailout funds. ...
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