Hartford Financial Services Group hired Liam McGee, who previously served as Bank of America’s consumer and small-business banking head, as its new CEO, reports Bloomberg. McGee replaces Ramani Ayer, who is leaving after 12 years of service. McGee’s term begins after what Ayer called “the most challenging” year for the insurer, which has paid claims on disasters from New York’s Great Fire of 1835 to the September 11 terrorist attacks. “The risk profile of the company needs to be less,” McGee said today in an interview. “You should expect me to do an intense review of the business, its strategies, the businesses it’s in, its cost structure” and set a strategy by the start of 2010, he said.
Hartford Names BofA’s McGee CEO
Bank of America’s Liam McGee replaces Ramani Ayer as CEO of Hartford Financial Services Group.
September 30, 2009