Hartford Financial Services Group Inc. on Wednesday named an insider to replace John C. Walters as president of its renamed Wealth Management division, formerly Hartford Life Insurance Co.
David N. Levenson, 43, will take over the division’s top job, effective Thursday, the same day Hartford Life and other units take on new nomenclature as part of an ongoing restructuring.
He succeeds John C. Walters, 48, the current president of Hartford Life, who the company says is leaving at the end of July to “pursue other opportunities.”
Walters was one of the top lieutenants for former Hartford Chairman, President and CEO Ramani Ayer, who retired last October.
Levenson, meanwhile, is the latest management rejuggling for Ayer’s successor, Liam McGee.
“I look forward to working with Dave as we implement our go-forward strategy and officially roll out the new organizational structure,” McGee said in a statement.
McGee credits Levenson with building and managing several businesses at The Hartford, including its mutual funds and retirement plans operations.
Levenson’s promotion and Walters’ departure take place against the backdrop of McGee’s realignment of The Hartford’s business divisions, a strategy that began earlier this year.
Beginning Thursday, the property-casualty insurer and financial-services company will organize into three main business lines going forward including commercial and consumer markets and wealth management.
Juan Andrade will serve as president of commercial markets, providing risk protection and benefits for businesses.
The company is still conducting a search for a consumer markets leader.
Levenson, who joined The Hartford in 1995 from Fidelity Investments, will oversee a division that  includes mutual funds, retirement plans, 529 plans, annuities, life insurance, institutional and the international business.
Levenson has worked in nearly every aspect of the company’s wealth management business and led the development of The Hartford’s mutual funds operations. He also ran the retirement plans business before heading the retail products business.
In 2005, he joined Hartford Investment Management Company as managing director in charge of sales and marketing.
From 2006 to 2009 he was with Hartford Life Insurance K.K., the company’s Japan subsidiary. After leading a turnaround as head of product and distribution, he was named president and CEO.
Levenson returned from Japan in July 2009 as executive vice president running Hartford Life’s in-force domestic variable annuity business and its international and institutional business segments.
Walters joined Hartford Life in April 2000 from First Union Securities, the brokerage subsidiary of First Union Corp.Â
