The Hartford Financial Services Group CEO and chairman Ramani Ayer, under fire for the company’s financial problems, will retire from the company by the end of this year, company officials announced last week.
Ayer, 62, recently informed the board of directors of his plans to retire as chairman and chief executive officer by the end of 2009 and the board will begin an immediate, external search for Ayer’s replacement.
“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,” Ayer said in a recent statement. “We will continue to leverage the venerable Hartford brand, moving ahead with our strong property and casualty and life franchises. For nearly 36 years, I have been honored to call The Hartford my home and I am proud of the culture of integrity, trust and customer service that is woven into the fabric of this outstanding organization.”
Ayer has served as chairman and chief executive officer of The Hartford since February 1997 and spent his entire career serving the company.
He joined the company after graduating from Drexel University in 1973 and within six years was named staff assistant to the chief executive officer.
He served in a variety of senior executive level positions within the property and casualty organization before being named president and chief operating officer of The Hartford’s property and casualty operations in 1991.
The Hartford has experienced tremendous strain over the last year due to heavy investment losses and an ailing variable annuity business.
Ayer will be sixth high-ranking executive to leave the company in the last two years. Thomas Marra, The Hartford’s president and chief operating officer, announced his retirement in February, effective July 3.
The property and casualty and life insurer posted a $1.2 billion loss for the first quarter of 2009, and a $2.7 billion loss for all of 2008.
