8-KLeadership ChangesExhibits & Filings

ALLSTATE CORP 8-K Report, Executive Changes (Aug 22, 2008)

Filed August 22, 2008For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

This 8-K filing from The Allstate Corporation announces a significant change in its executive leadership, specifically the appointment of Don Civgin as the new Vice President and Chief Financial Officer (CFO), effective September 8, 2008. Mr. Civgin brings a wealth of financial experience, having previously served as Executive Vice President and CFO of OfficeMax, Inc. and Senior Vice President and CFO of General Binding Corporation. His compensation package includes a base salary of $550,000, with substantial one-time awards and guaranteed incentive compensation for his first year. This transition marks the end of Samuel H. Pilch's temporary role as Acting CFO. Mr. Pilch will resume his permanent positions as Controller for the corporation and its primary insurance subsidiary. Investors should note that this leadership change, while important, does not directly address the company's financial performance or outlook in this particular filing, but rather focuses on the corporate governance aspect of executive appointments.

Key Highlights

  • 1Don Civgin appointed as Vice President and Chief Financial Officer, effective September 8, 2008.
  • 2Mr. Civgin previously served as EVP and CFO of OfficeMax, Inc. and SVP and CFO of General Binding Corporation.
  • 3Mr. Civgin's annual salary will be $550,000.
  • 4He will receive one-time awards including $100,000 cash, 6,300 restricted stock units, and an option for 65,000 shares.
  • 5Guaranteed annual cash incentive award for 2008 (payable in 2009) equal to 80% of his base salary, prorated from his start date.
  • 6Samuel H. Pilch's temporary role as Acting CFO will conclude on September 8, 2008.
  • 7Mr. Pilch will continue as Controller of the Registrant and Group Vice President and Controller of Allstate Insurance Company.

Frequently Asked Questions

Don Civgin has been appointed as the new Vice President and Chief Financial Officer, effective September 8, 2008.

Don Civgin has prior experience as Executive Vice President and Chief Financial Officer of OfficeMax, Incorporated since 2005, and from 2002 to 2005, he was Senior Vice President and Chief Financial Officer of General Binding Corporation.

Mr. Civgin's compensation includes an annual salary of $550,000, a one-time cash award of $100,000, 6,300 restricted stock units, an option to purchase 65,000 shares of common stock, and a guaranteed annual cash incentive award for 2008 (payable in 2009) equal to 80% of his base salary, prorated from his start date.

Samuel H. Pilch's temporary role as Acting Vice President and Chief Financial Officer will terminate effective September 8, 2008. He will continue in his permanent roles as Controller of the Registrant and Group Vice President and Controller of Allstate Insurance Company.