The Hartford Financial Services Group (NYSE: HIG) announced Tuesday it has named Liam E. McGee as it new Chairman and Chief Executive Officer. McGee, 55, is a former President of the Consumer and Small Business Bank at Bank of America (NYSE: BAC). He is replacing Ramani Ayer, who announced in June that would retire later in the year.
McGee was a 20-year Bank of America veteran before being let go in August as part of a management shake-up after the bank received about $45 billion in government aid.
“Liam’s strong track record of success in leading large, complex financial services organizations makes him the ideal person to build on The Hartford’s strong foundation,” said Michael G. Morris, The Hartford’s presiding director, in a company press release.
McGee joined Bank of America in 1990. During a banking career that spans more than three decades, he developed broad leadership experience in consumer banking, corporate and commercial banking, and technology and operations.
When McGee left Bank of America, the business he presided over served 50 million customers and small businesses through a network of 6,100 branches.
Prior to working at Bank of America, McGee held senior level positions at Wells Fargo. He is set to take the reigns on October 1, when Ayer steps down, shortly before is November retirement.
The change in company leadership comes after The Hartford Financial Services Group has posted net losses in each of the first two quarters this year, reporting a $15 million loss in the second quarter, which followed a whopping $1.2 billion first quarter loss.
