Hartford Financial Services Group
|The Hartford, Conn.-based life and property insurer, set toreceive up to $3.4 billion in taxpayer funds, is looking outsidefor a successor to Ayer, the company said.
|The search for a new CEO could be complicated by the insurer'splans to take federal funding, given restrictions on pay andspending tied to taking taxpayer aid.
|Ayer, in aninterview with Reuters, said his decision to retire had nothingto do with Hartford's recent troubles. "It is quite voluntary. I amvery enthusiastic, and now ready to hand the reins over as he orshe takes Hartford into the third century," Ayer said.
|Shareholders have questioned Ayer's leadership after Hartfordreported billions of dollars in losses over the past threequarters, leading the company to cut major international operationsand slash its dividend 84%.
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