Ask Christopher Swift to describe himself or his company, and he will give the same two words: growth oriented.
Coming on board as the executive vice president and chief financial officer for The Hartford in the spring of 2010, when bruises from the financial crisis two years prior could still be felt, Swift joined an executive team poised to make a change.
Working with Chairman, President, and CEO Liam McGee, along with other members of the leadership team, Swift said plans were made to facilitate some difficult but necessary changes to put the company on a steadier financial footing.
“We began forming a new strategy for financial strength, focused on increasing value for shareholders,” he said. “Against a backdrop of slow economic growth, which isn’t a conducive market to grow in, we decided to take steps which enabled us to focus on growing revenue, growing earnings, and finding businesses we want to be in.”
After experiencing significant investment losses from the financial crisis, The Hartford overhauled its risk management systems. They hired a new risk manager to oversee the process, a move Swift said has had a great return.
In March 2012, Swift and the rest of The Hartford’s senior management team decided to divest the company’s individual life and wealth management business. The Hartford decided to shift its focus on its core strengths of property and casualty, group benefits, and mutual fund businesses, each of which had a competitive market position, strong capital generating ability, and lower sensitivity to capital markets.
To set things in motion, Swift and his leadership team put an immediate plan in place to secure buyers for the company’s broker-dealer, retirement plans, and individual life businesses. All three sales were closed within a year, bringing the company $2.2 billion in capital.
Swift said the post-crisis changes were a challenge, but the results have been positive, laying the groundwork for a promising future.
“Now that the restructuring part is behind us, the future will be about executing on strategy, on being a growth oriented business,” Swift said. “We are working within three themes: investing in new capabilities, enhancing the focus on execution and project management, and watching costs and efficiencies very carefully.”
He adds lessons learned from the crisis will remain a checkpoint as The Hartford moves forward.
“We will take a good look at corporate liquidity, aggregation of risk, and risk management,” he said.
So far, the moves made during Swift’s tenure seem to be moving The Hartford forward. In nominating Swift for CFO of the Year, Jonathan Harris, director of global management consulting firm McKinsey & Co., points out that since the beginning of 2013, The Hartford’s share price is up around 30 percent.
In addition to his roles as executive vice president and CFO, Swift also has oversight of the company’s recently formed enterprise transformation office, which is charged with managing, coordinating, and tracking strategic progress. He is also the executive sponsor of The Hartford’s Professional Women’s Network, which supports and promotes professional development for women at all levels in the company.
More recently, Gov. Dannel P. Malloy appointed Swift to the board of directors of Connecticut Innovations, the state’s quasi public venture capital arm, making Swift a key member of the state’s economic development team.
“I have to give Gov. Malloy credit,” Swift said. “Private-public deals can get a bad rap. But this arrangement shows that a well disciplined partnership can be a true accelerant for growth.”
In his role on the CI board, Swift works to strategically advance initiatives that stimulate business investment and to retain and create jobs throughout the state. This is achieved by financing companies and projects that contribute to Connecticut’s economy, technology base, intellectual capital, urban infrastructure, employment, or tax revenues.
Swift said the principles he applies to his role at The Hartford are well aligned with those of the governor’s initiative.
“Gov. Malloy’s goals for Connecticut center around change management and growth orientation. I am a growth-oriented CFO, here to help business leaders grow their businesses, to service customers, to expand product offerings, and to keep up employee satisfaction,” he said. “I bring to the board the financial skills to apply toward investment, but also experience with good governance, knowing how boards organize and contribute to an organization.”
Swift is also quick to point out those who have contributed to his and The Hartford’s success.
“We have 20,000 dedicated employees who have never lost faith in the core principles of the company,” he said.
Nonprofit category: Paula Altieri, Hartford Public Schools
Private (100+ employees): David Christie, COCC
Private (under 100 employees): John Tinnirella, First National Bank of Suffield
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