Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on September 30, 2009, to announce significant leadership changes. Effective October 1, 2009, Liam E. McGee was appointed as the new Chairman of the Board and Chief Executive Officer. Mr. McGee succeeds Ramani Ayer, who is retiring from his roles as Chairman and CEO on October 1, 2009, with his full retirement from the company on November 1, 2009. Mr. McGee brings extensive experience from Bank of America, where he most recently served as President of the Consumer and Small Business Bank. His compensation package includes a base salary, deferred stock units, and restricted units, with specific terms and vesting schedules tied to the company's repayment of its obligations under the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP). All compensation is subject to TARP regulations.
Key Highlights
- 1Liam E. McGee appointed Chairman and CEO, effective October 1, 2009.
- 2Ramani Ayer to retire as Chairman and CEO on October 1, 2009.
- 3McGee joins from Bank of America, where he held significant leadership roles in consumer and small business banking.
- 4McGee's compensation includes a $1,100,000 annual base salary.
- 5He will receive $4,400,000 in deferred stock units annually.
- 6A $2,700,000 restricted unit award in 2010, with vesting tied to TARP obligations repayment.
- 7Compensation is subject to TARP regulations and limitations.