The CEO of the Hartford Financial Services Group, Ramani Ayer, will step down from the post by the end of 2009.
Mr. Ayer has been with the Hartford for 36 years and has been CEO for 12 years.
He has been the chief architect of the company's aggressive pursuit of variable annuity business. The Hartford has been one of the most active companies in the variable annuity space over the past several years.
This line of business has been particularly painful for the company in light of fallout from the financial crisis. The Hartford is also set to receive up to $3.4 billion in the next several weeks from the Treasury's Capital Purchase Program.
Source: Wall Street Journal (subscription required)
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