8-KLeadership ChangesExhibits & Filings

HARTFORD INSURANCE GROUP, INC. 8-K Report, Executive Changes (Feb 16, 2010)

Filed February 16, 2010For Securities:HIGHIG-PG

Summary

This Form 8-K filing from The Hartford Financial Services Group, Inc. (HIG) reports a significant executive appointment and related compensation details. Effective March 1, 2010, Christopher J. Swift has been appointed Executive Vice President and Chief Financial Officer (CFO). He joins HIG from American International Group (AIG), bringing substantial experience from various financial and operational roles within AIG's life insurance and retirement services divisions. The appointment of Mr. Swift and the transition of the current CFO, Lizabeth Zlatkus, to Chief Risk Officer (CRO) signals a strategic shift in leadership for the company's financial and risk management functions. The filing also details Mr. Swift's compensation package, which includes a base salary, deferred stock units, and a long-term incentive award. Importantly, all compensation is subject to restrictions imposed by U.S. Treasury regulations related to The Hartford's participation in the Troubled Asset Relief Program (TARP).

Key Highlights

  • 1Christopher J. Swift appointed Executive Vice President and Chief Financial Officer (CFO), effective March 1, 2010.
  • 2Lizabeth Zlatkus, current CFO, will transition to the role of Chief Risk Officer (CRO).
  • 3Mr. Swift joins from American International Group (AIG), where he held senior financial and executive positions.
  • 4Mr. Swift's compensation package includes a base salary of $975,000, deferred stock units valued at $1,525,000 annually, and a 2010 long-term incentive award of $1,041,250.
  • 5All compensation for Mr. Swift is contingent upon and restricted by U.S. Treasury regulations governing TARP recipients.
  • 6The filing includes Mr. Swift's employment agreement as an exhibit.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the appointment of Christopher J. Swift as the new Executive Vice President and Chief Financial Officer (CFO) of The Hartford Financial Services Group, Inc., effective March 1, 2010, and to disclose the terms of his employment agreement.

Christopher J. Swift is the newly appointed CFO, aged 49. He joins The Hartford from American International Group (AIG), where he held several senior financial roles since 2003, including Vice Chairman and CFO of American Life Insurance Company (ALICO).

Mr. Swift's compensation includes an annual base salary of $975,000, annual deferred stock units valued at $1,525,000, and a 2010 restricted unit award of $1,041,250. This long-term incentive award vests on the third anniversary of the award date and is tied to the company's repayment of its TARP obligations.

Yes, all compensation amounts payable to Mr. Swift are subject to limitations and restrictions imposed by U.S. Treasury regulations concerning TARP recipients, as well as other applicable laws.