Hartford Financial Services Group’s search for a new chief executive is moving along, despite the restrictions placed on the company because of its acceptance of government funding, said CNN Money. “The search committee has been directed by the board and they have been very pleased with their progress,” said Ramani Ayer, Hartford chairman and chief executive, during the company’s second quarter earnings conference call yesterday. Ayer said nearly two months ago he plans to retire by the end of the year. Whoever takes the helm will be managing a company with a different set of variable annuity products than the company has offered in past years, Ayer said. Hartford, and other variable annuity providers, have undertaken a revamp of their most popular features: those that guarantee minimum returns or death benefits on customers’ deposits.
Shares of Hartford surged 10.8% in recent trading to $16.56 each, after Hartford reported better-than-expected second-quarter results.
Hartford Financial Reports Progress on CEO Search
Current CEO announced two months ago he planned to retire by year’s end.
July 31, 2009