Ayer To Retire From Hartford

"We have recently made a series of important decisions about The Hartford's path forward, setting the company on a new strategic course to build value for our shareholders," Ayer says in a statement accompanying the announcement of his departure. "With this clarity in place, it is the right time for me to make my plans for retirement and for the board to begin the search for my successor."

Michael Morris, Hartford's lead independent director, says Ayer has provided strong leadership in tumultuous times.

Ayer has "worked closely with the board to develop a strategy that has put the Hartford on the right path for the future," Morris says in a statement.

NAVA, Reston, Va., has put out a statement of its own praising Ayer.

"The Hartford, like all institutions tied in some way to the financial sector, has suffered recently," NAVA President Cathy Weatherford says. "With Ramani Ayer's help, however, the Hartford is well-positioned to thrive in the future. I look forward to a new, dynamic head of The Hartford to take the helm next year and a smooth transition to take place. Americans rely on companies like The Hartford to bolster their retirement security through insured retirement solutions. And they'll continue to count on them even more in the coming years as they look for flexibility and guarantees in these turbulent economic times."