India-origin Ayer among top 12 CEO exits in 2009: Forbes | india | Hindustan Times
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India-origin Ayer among top 12 CEO exits in 2009: Forbes

india Updated: Dec 16, 2009 23:30 IST
AIG's chief Edward Liddy

Troubled financial services major AIG's chief Edward Liddy, India-origin chief of debt-ridden Hartford Financial Services Ramani Ayer and bailed out GM's head Rick Wagoner are among the Forbes' list of 12 high profile CEOs who left their companies in 2009.

According to the US magazine's list of the top 12 CEO Departures of 2009, many of the American entities, whose chiefs' left their companies this year, had received federal bailout funds at the peak of financial crisis.

"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 about the chief executives in the list.

Edward Liddy came out of retirement to lead troubled insurance giant AIG in September 2008, then faced hostile questioning from Congress over bonuses and had to step down.

Robert Benmosche, a former chief executive at MetLife Inc, replaced Liddy in August.

Besides, Indian-origin Ayer left Hartford Financial Services in June after serving for 12 years. The company had received $ 3.4 billion in government aid.

"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."