Former Hartford Financial CEO Ramani Ayer will receive a $40 million pension payout in May, Reuters reports.
The Hartford-based property and casualty and life insurer, which recently repaid $3.4 billion in bailout money, said in a regulatory filing that Ayer will receive the pension payout in a lump sum on May 1.
Ayer, who was at Hartford for 30 years and spent 12 years as chief executive, left in October as the insurer faced pressure from shareholders over record losses.
A Hartford spokesman said the money reflected Ayer’s 30 years of service for the company.
Ayer’s successor, Liam McGee, who took over the top spot Oct. 1, received in 2009Â a base salary of $275,000, $1.1 million in stock awards, and $66,654 in other compensation.
The insurer reported its first quarterly profit in nearly two years in the fourth quarter, after suffering massive losses on stock-market related annuities and investments throughout the financial crisis. The company reports first-quarter results on April 29.
Hartford Business Journal staff writer Greg Bordonaro contributed to this report
