New Hartford CFO Is Latest to Flee from AIG
This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.
Perhaps he wasn’t crazy about the new forced ranking method on pay?
The Hartford Financial Services Group announced late on Tuesday that Christopher Swift will join the insurer as chief financial officer effective March 1.
Swift, 49, is jumping ship from American Life Insurance Company (ALICO) where he was CFO. ALICO is a subsidiary of American International Group, which the bailed-out insurer is trying to sell to MetLife for $15 billion. The deal is currently hung up on a tax issue.
Hartford, which received $3.4 billion in government aid, has been undergoing a major executive shakeup.
Liam McGee, a former head of consumer banking at Bank of America, took over as chief executive in October from Ramani Ayer, who had led Hartford’s aggressive push into variable annuities and retired at the end of 2009.
Shortly after taking over, McGee tapped Hartford’s current CFO, Lizabeth Zlatkus, for its chief risk officer position. She’ll move into that role when Swift officially joins the company.
AIG, for its part, has been bleeding talent. More than 60 managers have left the company since it was bailed out in September 2008, according to data compiled by Bloomberg. Pay practices at AIG have been under intense scrutiny by the public, as well as the government.
Swift began his career as an auditor in the Chicago office of KPMG where he focused on financial services. He was made partner at 32. He then became executive vice president of Conning Asset Management, a subsidiary of General American, where he was responsible for finance, sales/marketing and information technology. After MetLife acquired Conning in 1999, Swift returned to KPMG and was eventually appointed head of the firm’s Global Insurance Industry Practice. As leader of this segment, he worked with clients in both the life and P&C segments, globally and domestically. He was responsible for matters ranging from strategic and regulatory to audit, risk, advisory and tax services.