Posted on 27 Oct 2009
Hartford Financial Services Group Inc., the insurer that named a new chief executive officer after taking a federal bailout, said finance head Lizabeth Zlatkus has been appointed as leader of risk management.
The insurer is looking outside the company for a new chief financial officer, and Zlatkus will stay in that role until a replacement is found, according to a statement today from Hartford, which is based in the Connecticut city of the same name.
Liam McGee, the former Bank of America Corp. executive named last month to replace Ramani Ayer as Hartford’s CEO, is reorganizing a company that posted four straight quarterly losses tied to stock declines and holdings in mortgage-linked assets. The insurer turned to the Treasury for a $3.4 billion investment in June.
“The risk profile of the company needs to be less,” McGee said Sept. 29 in an interview. Zlatkus became CFO last year, replacing David Johnson, who took the same role at Fannie Mae.
Top executives departed as Hartford’s stock slid from a high of $106.02 on May 22, 2007, to less than $5 in March. Greg McGreevey took the place of David Znamierowski as chief investment officer last year, and Chief Operating Officer Thomas Marra left in February.
Zlatkus will continue to report directly to the CEO. Robert Paiano, currently chief risk officer, reports to Zlatkus in her CFO role. Shannon Lapierre, a spokeswoman for the insurer, said she couldn’t comment on Paiano’s future role.
“Right now, it’s the same structure,” Lapierre said. “We will be providing further details as that’s all determined.”