HARTFORD, Conn. (AP) — The Hartford Financial Services Group says that its chief executive is stepping down and will be replaced by its chief financial officer.
The Hartford, Connecticut, property and casualty insurer and financial services company said Monday that Liam E. McGee is also stepping down as president but will stay on as executive chairman until the annual meeting in May 2015.
CFO Christopher J. Swift was appointed CEO. Swift joined The Hartford in March 2010 after holding leadership and finance jobs at American International Group. Douglas G. Elliot, president of commercial markets, will succeed McGee as president.
Beth Bombara, who headed efforts to reduce The Hartford’s annuities operations, succeeds Swift as CFO.
The appointments take effect July 1.
McGee, who led the company for five years, said The Hartford’s “strategic transformation” is largely complete.
Shares of The Hartford rose 6 cents to $36.29 in midday trading Monday.
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