Northbrook, Ill. - Allstate's board of directors today announced a changing of the guard that includes a leadership transition strategy that will occur over the next eighteen months. Current chairman and CEO Edward Liddy will step down as CEO at the end of 2006 and will be succeeded by Thomas Wilson, who currently serves as president and COO. Wilson was elected to the Allstate board of directors, and will retain the role and title of president, leaving the position of COO vacant. Liddy, who will be age 62 at his retirement in 2008, will stay on as chairman until at that time. Wilson, 48, joined Northbrook, Il.,-based Allstate in 1995 as vice president of finance and was elected CFO later that year. He was appointed president of Allstate Financial in 1999 and president of Allstate Protection, the company's largest business unit, in 2002. He assumed his current role of president and COO in May 2005. Allstate, which celebrates its 75th anniversary this year, saw its shares go up about 60% since Liddy took over, compared with a gain of about 40% in the Standard & Poor's insurance index. Allstate shares rose 60 cents to $60.72 in Monday afternoon trading on the New York Stock Exchange. In a statement, Liddy referenced Allstate's "deep management bench," and stated that Allstate is in a very strong position, "making this an ideal time for a leadership transition." Sources: PR Newswire, Reuters
-
State senator Roland Gutierrez points to National Weather Service cuts, and denial of mitigation project funding. Former FEMA administrator says cuts will worsen disaster impact on smaller communities.
July 11 -
The insurtech's core mission is to use technology to deliver comprehensive digital legal documents and attorney support at an affordable price point.
July 10 -
It's a critical time for insurers to assess technology investments and infrastructure
July 10Genpact -
Bars and restaurants are still catching up on how to serve these products safely and compliantly.
July 9CannGen -
Nationwide purchases Allstate Stop Loss for $1.25 billion and Munich Re acquires Next Insurance for $2.6 billion, plus more news.
July 9 -
Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.
July 8