John C. Walters, president of The Hartford Financial Services Group Inc.'s life insurance operations, is parting ways with the company and being replaced by David N. Levenson, an executive vice president leading The Hartford's in-force domestic variable annuity business. His title will be president of wealth management.
Earlier this year, the company said it would change its dual-silo life and property-casualty structure, opting instead to act as one brand with three consumer divisions: commercial markets, consumer markets and wealth management. The leadership change is the final step in that transition.
“As far as John leaving in light of the many changes to The Hartford over the last two years, the transition to wealth management is complete,” said Tim Benedict, a spokesman for The Hartford. “This was the right time for a leadership change, and John and Liam [McGee, chairman and chief executive of The Hartford] agreed.”
He said that Mr. Walters, who had been with the company for 10 years, hasn't determined what he'll do next. Mr. Levenson will take over July 1 and Mr. Walters will be leaving the company at the end of July.
Since the 2008 decline, The Hartford has remade its image, going from being a massive variable annuities player to a presence in the wealth management arena by providing mutual funds, retirement services and life insurance. As part of that renewed focus, the firm launched an independent agent program, dubbed Monarch, in February.
The change in leadership “means business as usual for wealth management and we'll continue to move forward in our strategy,” Mr. Benedict added. “We want to be leaders in the retirement income, savings and protection market.”
Mr. Levenson, a 15-year veteran at The Hartford, initially joined the insurer from
Fidelity Investments. At The Hartford, he has led the development of the carrier's mutual funds operations and the retirement plans business.
