8-KOther Events

ALLSTATE CORP 8-K Report, Corporate Update (Nov 17, 2011)

Filed November 17, 2011For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

The Allstate Corporation (ALL) filed an 8-K report on November 17, 2011, to announce a significant change in its board of directors' governance structure. The board has elected H. John Riley, Jr. as the new independent lead director, replacing a previous rotating lead director model. This appointment signifies a move towards a more consistent and centralized leadership role for independent directors in board oversight and strategic discussions. Mr. Riley brings substantial experience, having served on Allstate's board since 1998 and previously held leadership positions at Cooper Industries, Ltd. His extensive background in strategic, operational, and financial management, along with his experience on other public company boards, positions him well for this enhanced role. The company's Chairman, President, and CEO, Thomas J. Wilson, expressed confidence in Mr. Riley's ability to contribute to the execution of Allstate's strategy aimed at achieving a 13% operating return on equity by 2014.

Key Highlights

  • 1Allstate Corporation's board of directors has appointed H. John Riley, Jr. as the independent lead director.
  • 2This change replaces the previous "rotating" lead director model with a permanent role.
  • 3The lead director will preside over board meetings without the chairman present and executive sessions.
  • 4The lead director will act as a liaison between the chairman and independent directors.
  • 5The lead director will approve board meeting schedules, agendas, and information provided to the board.
  • 6H. John Riley, Jr. has been on Allstate's board since 1998 and possesses extensive corporate leadership experience.
  • 7The appointment is seen as supportive of Allstate's strategy to achieve a 13% operating return on equity by 2014.

Frequently Asked Questions

Appointing a permanent independent lead director strengthens board oversight and independence from management. This role ensures that independent directors have a dedicated leader to chair executive sessions, facilitate communication with the chairman, and guide the board's agenda, promoting better corporate governance.

H. John Riley, Jr. is a seasoned executive with extensive experience. He has been a director at Allstate since 1998 and previously served as Chairman and CEO of Cooper Industries, Ltd. He also holds lead director positions at other companies and possesses significant strategic, operational, and financial management expertise.

Allstate's Chairman, Thomas J. Wilson, indicated that Mr. Riley's appointment supports the company's strategy to generate a 13% operating return on equity by 2014. The lead director's role in strategic oversight and board direction is expected to contribute to the successful execution of these financial objectives.

Previously, Allstate utilized a 'rotating' lead director model, where the responsibility for leading executive sessions rotated among all independent directors. The new structure establishes a single, dedicated lead director.