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Hartford's Former Chairman/CEO to Get $39.9M Pension Payout

Posted on 09 Apr 2010

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The former chairman and CEO of Hartford Financial, Ramani Ayer, is to receive a $39.9 million pension payout, the insurer said in a regulatory filing with US Securities and Exchange Commission.

The filing said that Ayer, who retired from the firm in October last year, will receive the pension award in a lump sum payment in May.

Ayer, who spent 30 years at the firm and 12 years as CEO, stepped down after coming under pressure from shareholders because of Hartford Financial's risky investment strategy.