Hartford Financial Services Group Inc (HIG.N) (NYSE: HIG) named a former Bank of America Corp (BAC.N) (NYSE: BAC) executive Liam McGee to be its new CEO. McGee replaces Ramani Ayer, who led the company for 12 years.
Liam McGee will get a $1.1 million annual salary to rebuild the 199-year-old insurer that took a $3.4 billion government bailout.
Liam McGee, former head of consumer banking at Bank of America, will become chairman and chief executive at Hartford effective Oct. 1.
Hartford Financial said McGee most recently served as president of the consumer and small business bank for Bank of America Corporation. He also oversaw the corporation’s global technology and delivery in more than 30 countries, the company said.
McGee and his family live in Charlotte, N.C., but will relocate to the greater Hartford area.
The change in leadership comes as insurers have seen their investment portfolios slammed by steep drops in stocks, real estate and other financial assets.
Earlier this year, Hartford Financial posted a $1.2 billion first-quarter loss and suspended sales of annuities in Japan and the U.K. in a move to cut costs. At the time, Ayer said Hartford Financial was taking steps to preserve capital, reduce risk and stabilize ratings.