A financial services giant is conducting a national search for a new leader.
Ramani Ayer, 62, will be retiring from the posts of chairman and chief executive officer at Hartford Financial Services Group Inc., Hartford, at the end of the year, the company says.
Ayer, 62, has worked for Hartford since he graduated from Drexel University in 1973. He has been the chairman and CEO of the company since 1997.
Hartford reported a $1.2 billion net loss for the first quarter on $5.4 billion in revenue.
The company has announced plans to restructure its international operations and its variable annuity program, to reduce exposure to VA benefits guarantees.
Hartford also has announced plans to participate in the Capital Purchase Program, an arm of the federal Troubled Asset Relief Program. The government says Hartford is eligible for up to $3.4 billion in assistance.