Hartford Financial Services Group Inc. said today Thomas M. Marra, president and chief operating officer, will retire July 3 and has resigned immediately from the board of directors.
Chairman and CEO Ramani Ayer will directly oversee the Hartford insurer’s property-casualty and life operations that report to Marra, the company said.
In a statement, Ayer praised Marra, a 29-year veteran of The Hartford.
“Tom drove the expansion and growth of our life business, significantly diversifying The Hartford’s operations,” Ayer said. “As a result, The Hartford succeeded in achieving key leadership roles in significant markets. We thank Tom for his service to the company and we wish him well in all his future endeavors.”
Marra did not disclose his future plans.
“From a business perspective, the timing is right,” Marra said in a statement. “The new reporting structure will allow for more streamlined and decisive management and enable The Hartford to continue meeting the challenges of this dynamic, turbulent market.”
In recent months, The Hartford has received a private capital infusion and state regulatory relief to help it cope with steep investment losses and pressures on its businesses caused by the global recession.
At 11 a.m., The Hartford traded at $6.73, down $1.28, or 16 percent.
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