Summary
This 8-K filing from The Hartford Financial Services Group, Inc. (HIG) reports significant leadership changes effective July 1, 2014. Liam E. McGee is stepping down as CEO and President, transitioning to Executive Chairman to provide advisory services. Christopher J. Swift, previously CFO, will assume the CEO role and join the Board of Directors. Douglas G. Elliot, currently EVP and President of Commercial Markets, will become President. Beth A. Bombara, President of Talcott Resolution, is appointed Executive Vice President and Chief Financial Officer. The company has also amended its bylaws to allow for the separation of the Chairman and CEO roles, a change implemented concurrent with these leadership transitions. New compensation packages for the incoming executives have been detailed, reflecting their new responsibilities. Mr. McGee will receive a reduced salary for his advisory role and certain equity awards will be treated for retirement upon termination.
Key Highlights
- 1Liam E. McGee resigns as CEO and President, effective June 30, 2014, remaining as Executive Chairman.
- 2Christopher J. Swift appointed new CEO and elected to the Board of Directors, effective July 1, 2014.
- 3Douglas G. Elliot appointed new President, effective July 1, 2014.
- 4Beth A. Bombara appointed new Executive Vice President and Chief Financial Officer, effective July 1, 2014.
- 5Bylaws amended to separate the roles of Chairman and Chief Executive Officer.
- 6Details provided on compensation packages for the new CEO, President, and CFO.
- 7Liam E. McGee will provide advisory services under an agreement with specific compensation terms and equity award treatment.