Ending a four-month search US insurer The Hartford Financial
Service Group has announced the appointment of Liam E McGee as its
new chairman and CEO, replacing Ramani Ayer who announced his
retirement in early-June. McGee, 55, steps into the positions Ayer
had held since February 1997 at a time when the insurer is still
repairing damage done by the worst financial setback in its
199-year history.
Commenting on McGee’s appointment, Michael Morris, The Hartford’s
presiding director, said: “Liam’s strong track record of success in
leading large, complex financial services organisations makes him
the ideal person to build on The Hartford’s strong
foundation.”
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McGee undoubtedly comes with a solid track record, including until
recently holding the position of president of the Consumer and
Small Business Bank for Bank of America (BofA) where he ran a
business serving 50 million households and small businesses through
a distribution network including 6,100 branches and the US’ largest
online banking service.
In his position at BofA McGee was also responsible for products and
services including deposits, debit and integrated solutions for
small business and mass affluent customers as well as overseeing
the bank’s technology and delivery in some 30 countries.
McGee, who joined BofA in 1990, also led the integration of a
number of US banks acquired by BofA including FleetBoston (2003),
MBNA (2006) and La Salle (2009).
In 2008 The Hartford reported revenue of $9.2 billion and a net
loss of $2.75 billion. It followed this with net losses of $1.2
billion and a $15 million in the first and second quarters of 2009,
respectively. The Hartford’s life operations had assets under
management of $301.7 billion at the end of the second quarter of
2009, down 17 percent from a year earlier.
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