The Hartford's Ayer Announces Plans to Retire by Year-End 2009
Board Initiates Search For Successor
HARTFORD, Conn., Jun 04, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that Ramani Ayer, 62, has informed the Board of Directors of his plans to retire as chairman and chief executive officer of the company by the end of 2009. The Board will begin an immediate, external search for Ayer's replacement.
"We have recently made a series of important decisions about The Hartford's path forward, setting the company on a new strategic course to build value for our shareholders," said Ayer. "We will continue to leverage the venerable Hartford brand, moving ahead with our strong property and casualty and life franchises. With this clarity in place, it is the right time for me to make my plans for retirement and for the Board to begin the search for my successor. In the meantime, I am fully committed to leading this organization during this period and to ensuring a smooth leadership transition as the company enters its third century. For nearly 36 years, I have been honored to call The Hartford my home and I am proud of the culture of integrity, trust and customer service that is woven into the fabric of this outstanding organization."
"Under Ramani's 12 years of leadership as CEO, The Hartford has been regarded as one of the most well-respected insurance and financial institutions in the United States, with leading positions in property-casualty and life insurance, as well as group benefits, mutual funds and retirement plans," said Paul G. Kirk Jr., the company's longest serving independent director. "Working closely with the Board, Ramani was instrumental in helping the company navigate the extraordinarily challenging financial environment of the past two years, and we are confident that the company is well positioned to compete in the future. We are grateful for Ramani's contributions to The Hartford over his 36 year career and for his continuing dedication to the company as we search for his successor."
Michael G. Morris, the company's lead independent director, said, "Ramani has provided strong leadership through these tumultuous times and worked closely with the Board to develop a strategy that has put The Hartford on the right path for the future. He is recognized throughout the industry for his deep knowledge and experience, and for his high integrity."
Ayer has served as chairman and chief executive officer of The Hartford since February 1997 and spent his entire career serving the company. He joined the company after graduating from Drexel University in 1973 and within six years was named staff assistant to the chief executive officer. He served in a variety of senior executive level positions within the property and casualty organization before being named president and chief operating officer of The Hartford's property and casualty operations in 1991.
About The Hartford
Celebrating nearly 200 years as a trusted partner, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households and businesses by protecting their assets and income from risks. The company is a Fortune 500 company that is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
HIG-F
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2008 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
SOURCE: The Hartford Financial Services Group, Inc.
The Hartford Financial Services Group, Inc.
Media Contact(s):
Shannon Lapierre, 860-547-5624
Shannon.Lapierre@thehartford.com
or
Debora Raymond, 860-547-9613
Debora.Raymond@thehartford.com
or
Investor Contact:
Rick Costello, 860-547-8480
Richard.Costello@thehartford.com
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