The Hartford Financial Services Group's longtime chair and chief executive officer, Ramani Ayer, will retire from the government-supported organization at year's end, his loss-riddled company announced last week.
The Hartford said it will begin an immediate external search to replace the 62-year-old Mr. Ayer, who has been with the company since he graduated college.
The company qualified last month for $3.4 billion in U.S. bailout cash from the federal government's Troubled Asset Relief Program after its life operations were hammered by investment losses and the need to deliver on guaranteed returns for variable annuities. The Hartford reported a first-quarter net loss of $1.2 billion.
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