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Lizabeth Zlatkus, now the CFO, will become Hartford's head of risk management but will remain at her current post until a new financial officer is found, the company said in a statement. Both positions report to Liam E. McGee, chairman and chief executive officer.
"One of the priorities I established when I became CEO of the Hartford was to elevate the role of risk management," said McGee. "We must ensure that we have the right risk processes, controls and governance to serve as our core foundation."
The new chief executive of the company said it will "move quickly" to find a new CFO. On Oct. 1, McGee, a former executive with Bank of America Corp., succeeded Ramani Ayer, who retired but will remain with Hartford until Nov. 1 as part of the transition.
Battered by investment losses and costs associated with its variable annuities business, Hartford posted a $1.21 billion loss in the first quarter and reported a $2.75 billion loss for 2008. To stabilize finances, the company is receiving $3.4 billion in bailout funds from the Troubled Asset Relief Program's Capital Purchase Program. Hartford Financial posted a $15 million second-quarter loss, but at the time Ayer said the company was well on its way to restoring financial stability. Ayer said the company would seek new expense reductions and focus on three protection insurance businesses in the future -- property/casualty, group benefits and life insurance -- and become more focused on its business in the United States (BestWire, July 30, 2009).
Hartford is scheduled to release third-quarter earnings Nov. 3, after the market closes.
Members of the Hartford Insurance Group have a current Best's Financial Strength Rating of A (Excellent).
During the afternoon of Oct. 27, shares of Hartford Financial Services Group Inc. (NYSE: HIG | Quote | Chart | News | PowerRating) stock were selling at $24.28, down about 0.2% from the previous close.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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