On September 30, 2009
Hartford’s New CEO: Competent, But Not Covered in Glory
Hartford Financial, one of the most troubled of the major insurers, went out of the box today and hired former Bank of America consumer and small business banking president Liam McGee as its new CEO. McGee is an interesting choice for the 200-year old multi-line insurer, which got in trouble last year for wading into the variable annuities market, and getting both feet stuck in quicksand. Several top executives left after huge losses forced Hartford to take TARP money from the federal government’s bailout program, and the rest were passed over by the board in favor of McGee, who is clearly an outsider to the insurance industry. That may not be a disadvantage. McGee, by all accounts, had a brilliant…
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