McGee will replace Ayer as chairman and CEO of The Hartford

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.

Ayer had announced his intention to retire from the company in June this year. He would resign as Chairman and CEO effective October 1 and would retire on November 1, 2009, following a brief transition period.

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."