Liam E McGee, former head of consumer and small business at Bank of America will replace India-origin banker Ramani Ayer as chairman and chief executive of The Hartford Financial Services Group effective from October 1 this year.

McGee, 55, who was President of the consumer and small business bank at Bank of America has been appointed as chairman of the board of directors and CEO of The Hartford Financial Services Group effective October 1, 2009, insurance-based financial services company said in a statement.

Also Read   Related Stories News Now - Cheap wriggle - BofA, JPMorgan reduce fees on overdrafts - Jonathan Weil: Putting the SEC in a spot - BofA offers to repay part of govt bailout: report - Indian economy may bottom out by 2009-end: report - Pandit defies Schumer

Also Read   Related Stories News Now - Markets end lower ahead of May F&O expiry - Rupee closes at new low of 56.24 - Wall Street opens 1% lower on Europe - Shashi Ruia steps down from board of Essar Ports - Sebi allows firms listed on RSEs to migrate to main bourses More

Ayer joined The Hartford in February 1997 as Chairman and CEO and has spent his entire career serving the company.

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. Prior to Bank of America, he held senior positions at Wells Fargo.

"Liam is a proven leader in the financial services industry with an outstanding set of skills, a deep appreciation of balancing risk and return, and broad experience in a variety of financial businesses," Ayer said.

"He also shares The Hartford's values, including product and customer service excellence, integrity, and a commitment to giving back to the communities in which we operate. I look forward to working with Liam to ensure a smooth transition," Ayer said.

Hartford posted a $1.2 billion loss for the first quarter of 2009 and a $2.7 billion loss for all of 2008.

Commenting on Ramani's contribution to the company, The Hartford presiding director Michael G Morris said: "Ramani's deep industry experience, integrity, and strong leadership skills have been instrumental in the success of The Hartford over the course of his 36-year career with the company. On behalf of the Board and our 29,000 employees, I sincerely thank Ramani for his lifetime of service and his distinguished leadership to The Hartford."

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end lower ahead of May F&O expiry - Rupee closes at new low of 56.24 - Wall Street opens 1% lower on Europe - Shashi Ruia steps down from board of Essar Ports - Sebi allows firms listed on RSEs to migrate to main bourses

Tags : Bank of America | The Hartford | financial services   Read Business news in  Advertisements -  India's no. 1 Property Site. Click here to know more -  "Discover The Power of One" -  Journey on, We are by Your Side. Click here to know more -  Help a Child Achieve her. Click to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  Learn How One City is Running on FOOD SCRAPS. -  1 billion in saving for Unilever without any tangles. -  A Brand New Server at a Price That Fits Your Budget. Click here -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More -  2 Lac Apartments, 1 Lac House / Plots. Click here