Thomas Marra, president and chief operating officer of The Hartford, announced his retirement last week effective July 3, and also resigned from the company’s board of directors effective immediately, making him the fifth high-ranking executive to leave the company in less than two years.
“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 market.”
The company called Marra’s early retirement a “mutually agreed separation,” but it comes at a time when the Hartford is struggling to deal with investment losses and a slumping annuity business, which Marra oversaw for many years.
