The Allstate Corporation board of directors announced a leadership succession transition, which will occur over the next 18 months.
Edward M. Liddy, currently chairman and chief executive officer, plans to step down as CEO at the end of 2006. He will be succeeded at that time as CEO by Thomas J. Wilson, currently president and chief operating officer, who has been elected to the Allstate board of directors. Wilson will retain the role and title of president. The chief operating officer role will not be filled. Liddy will remain chairman until his retirement from the company in the spring of 2008.
“The board conducted a diligent and thorough succession process over the last several years,” said W. James Farrell, chairman of the nominating and governance committee. “We are pleased that Tom Wilson will be the next CEO of Allstate and confident that he will be a superb successor to Ed Liddy.”
Wilson, 48, joined Allstate in 1995 as vice president of finance and was elected chief financial officer 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.
Liddy, who will be 62 at the time of his retirement in 2008, has served as chairman and chief executive officer since January 1999. He previously served as president and chief operating officer from 1994 to1998.
Now celebrating the 75th anniversary of the founding of Allstate Insurance Company, The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer.
Was this article valuable?
Here are more articles you may enjoy.