8-KLeadership ChangesExhibits & Filings

ALLSTATE CORP 8-K Report, Executive Changes (Apr 18, 2008)

Filed April 18, 2008For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

This 8-K filing from The Allstate Corporation, filed on April 18, 2008, primarily details changes related to the retirement of Chairman Edward M. Liddy and adjustments to his compensation. A key event is the agreement to delay the payment of a pension enhancement benefit awarded to Mr. Liddy in 2001, necessitated by Internal Revenue Code section 409A. This delay includes the accrual of interest at a specified rate. Additionally, the filing outlines the approved compensation and perquisites for Mr. Liddy upon his retirement, which is effective April 30, 2008. For investors, these disclosures are significant as they pertain to executive compensation and potential changes in leadership. While not a financial performance update, the agreement concerning Mr. Liddy's pension highlights the company's adherence to regulatory requirements and the structured process for executive departures. The specific terms of his post-retirement compensation, though not detailed in the filing itself but referenced as exhibits, will be of interest to shareholders monitoring executive pay and succession planning.

Key Highlights

  • 1Edward M. Liddy, Chairman of The Allstate Corporation, is retiring on April 30, 2008.
  • 2An agreement was made on April 15, 2008, to delay the payment of Mr. Liddy's pension enhancement benefit awarded in 2001, to comply with IRS Code section 409A.
  • 3The deferred pension benefit will accrue interest at the same rate as mandatory delayed payments under Allstate's Supplemental Retirement Income Plan.
  • 4The company's Board of Directors approved Mr. Liddy's compensation and perquisites for his retirement.
  • 5The filing includes exhibits detailing the amended pension enhancement agreement and the letter outlining Mr. Liddy's retirement compensation.
  • 6This 8-K focuses on corporate governance and executive compensation rather than financial results.

Frequently Asked Questions

This 8-K filing is primarily to report on executive changes, specifically the retirement of Chairman Edward M. Liddy and related compensation adjustments, including the delay of a pension enhancement benefit to comply with tax regulations.

The agreement is necessary to comply with Internal Revenue Code section 409A, which governs non-qualified deferred compensation. This ensures the company and Mr. Liddy meet regulatory requirements for payment timing.

Mr. Liddy's retirement is effective April 30, 2008. The filing states that the Board of Directors has approved his compensation and perquisites for retirement, with details available in an attached exhibit.

No, this 8-K filing does not provide any financial performance data. Its focus is exclusively on corporate governance matters, specifically executive compensation and retirement.