Forbes names Ramani Ayer among top 12 CEO
New York, Dec 16:
Ramani Ayer, Indian American chief of debt-ridden Hartford Financial Services, is one of the 12 high profile CEOs who left their companies in 2009, according to Forbes.
Others on the list include bailed out auto major General Motors' head Rick Wagoner and troubled insurance giant AIG's chief Edward Liddy.
Many of the American entities, whose chiefs left their companies this year, had received federal bailout funds at the peak of financial crisis, according to the US magazine's list of the top 12 CEO Departures of 2009.
"Many of them ran companies that took federal aid. Others made a fortune when they sold their companies. One may have mishandled data that was tied to his company's most promising product," Forbes said.
In June Ramani Ayer, who had led Hartford Financial Services Group for 12 years, announced he would step down from his post by the year's end.
"Ayer was responsible for the company's push into riskier versions of variable annuities-life insurance contracts whose value fluctuates with that of underlying securities," Forbes said.
In March, Moody's Investors Services had downgraded Hartford's long-term senior debt to one level above junk status, citing the company's exposure to these products.
The company later received $3.4 billion in government aid. In October it named Liam McGee, who ran consumer banking at Bank of America, as its new chief executive.
Edward Liddy came out of retirement to lead troubled insurance giant AIG in Sep 2008, then faced hostile questioning from the Congress over bonuses and had to step down. Robert Benmosche, a former chief executive at MetLife Inc, replaced Liddy in August.
On March 29, the Obama administration axed General Motors Chief Executive Rick Wagoner as part of the company's eventual bankruptcy. .....NRIpress.com/ians
--------------
Immigrated to the United States, 1969; naturalized American citizen; married Louise (maiden name unknown); children: two.
His father was a government servant in the accountant general's office in Bombay.
After obtaining his master's degree and doctorate in chemical engineering from Drexel in 1971 and 1973, Ayer made the unusual decision to join the strategic planning team at The Hartford instead of accepting the more traditional engineering research job he was offered at Air Products and Chemicals. In 1978, after five years of hard work, Ayer did not believe he was being used to his full potential at The Hartford and brought his concerns to executives
in 2003 and 2004 Ayer implemented innovations that included an electronic claim submission method for agents and cooperative development of a buyer protection plan service on eBay. On the basis of Ayer's changes, The Hartford created a strong record of deploying advanced technology for improved agency interaction
After the terrorist's attacks on September 11, 2001, Ayer expanded his leadership role beyond his responsibilities at The Hartford by joining a team of insurance chief executives invited by President George W. Bush to discuss the insurance industry and its stability after the terrorism and associated insurance claims. as the result of Ayer's work, the Terrorism Risk Insurance Act of 2002, which provided a federal backstop for terrorism insurance, was signed into legislation on November 26, 2002.
After becoming chairman, president, and chief executive officer of The Hartford in 1997, Ayer focused the company's philanthropic activities on improving educational opportunities for students. In 2003 The Hartford donated nearly $3 million, and its employees volunteered 20,000 hours to Hartford city
Awards: Polaris Award, Leadership Greater Hartford, 1993; Distinguished Alumnus Award, India Institute of Technology, 1998; Forbes , one of the Most Powerful People of 2002; honorary doctor of laws, University of Hartford, 2003.
