President Of The Hartford To Retire
Thomas M. Marra, president and chief operating officer of The Hartford and widely seen as a leading candidate to be its next chief executive, will retire July 3, the company said in a surprise announcement Wednesday.
Marra, who has been with The Hartford Financial Services Group for nearly 29 years, has also resigned from the company's board of directors, effective immediately.
"From a business perspective, the timing is right," Marra said in a prepared statement. "The new reporting structure will allow for more streamlined and decisive management and enable The Hartford to continue meeting the challenges of this dynamic, turbulent market."
The company, which has been struggling with investment losses and problems in its variable annuity business, wouldn't comment on reasons for Marra's unexpected retirement, other than to call it a "mutually agreed decision."
Chairman and chief executive Ramani Ayer thanked Marra for his service and wished him well in a written statement.
"Tom has been a dedicated and committed executive of The Hartford for nearly 29 years and has made substantial contributions to this organization over that time," Ayer said.
"Tom drove the expansion and growth of our life business, significantly diversifying The Hartford's operations," Ayer added. "As a result, The Hartford succeeded in achieving key leadership roles in significant markets."
Ayer will now directly oversee The Hartford's property-casualty and life operations, which Marra had overseen.
The company has no plans to name another president.
The Hartford raised capital by selling a stake in the company to German insurer Allianz but has suffered downgrades by rating agencies.
Marra, who joined the company in 1980, had led its life insurance operations before becoming president in June 2007.