Hartford Financial Services Group
The Hartford, Conn.-based life and property insurer, set to receive up to $3.4 billion in taxpayer funds, is looking outside for a successor to Ayer, the company said.
The search for a new CEO could be complicated by the insurer's plans to take federal funding, given restrictions on pay and spending tied to taking taxpayer aid.
Ayer, in an interview with Reuters, said his decision to retire had nothing to do with Hartford's recent troubles. "It is quite voluntary. I am very enthusiastic, and now ready to hand the reins over as he or she takes Hartford into the third century," Ayer said.
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