The Hartford Financial Services Group has named a former Bank of America executive as its next chairman and chief executive officer.
Liam E. McGee
The Hartford, Conn.-based firm announced that Liam E. McGee, 55, will assume the dual role today (Oct. 1), succeeding Ramani Ayer, who announced his retirement in June. Ayer will resign Oct. 1 and officially retire Nov. 1, following a brief transition period, according to The Hartford.
Ayer, who spent his entire 36-year career with The Hartford, became chairman and CEO in 1997.
McGee previously served as president of the consumer and small business bank for Bank of America Corp., operating the nation’s largest retail bank, serving more than 50 million consumer households and small businesses. Prior to joining Bank of America in 1990, he held senior positions at Wells Fargo.
Michael G. Morris, The Hartford’s presiding director, said McGee’s “strong track record of success in leading large, complex financial services organizations makes him the ideal person to build on The Hartford’s strong foundation.”
“He has an outstanding combination of leadership skills, financial acumen and operational and technology experience, along with a demonstrated ability to evolve and profitably grow businesses in response to changing business environments and customer needs,” Morris said in a statement.
Ayer added that in addition to his proven leadership in the financial services industry, McGee, “shares The Hartford’s values, including product and customer service excellence, integrity and a commitment to giving back to the communities in which we operate.”
McGee comes on board to a company that received $3.4 billion in aid through the government’s Capital Purchase Program, after losing more than $2.7 billion in 2008 and $1.21 billion in the first quarter of this year.
In a statement, he noted “clear opportunities to create competitive advantages” in the industry.
“By leveraging and building on The Hartford’s strengths, we will enter our third century as an industry leader, well positioned to achieve the expectations of our customers, shareholders, partners and employees,” McGee said.
A native of County Donegal, Ireland, McGee oversaw numerous projects for Bank of America, including the corporation’s global technology and international delivery as well as leading the integration of a number of acquisitions by the bank, including FleetBoston, MBNA and La Salle.
McGee named new chairman, CEO of The Hartford via IFAwebnews.com .
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