Summary
The Allstate Corporation (ALL) filed a Form 8-K on December 1, 2015, to announce a change in its Board of Directors. The primary information conveyed is the election of Jacques P. Perold as a new director, effective immediately, which also increases the total size of the Board to 11 members. Mr. Perold's compensation will align with the company's established non-employee director compensation structure and will be prorated. The company also anticipates entering into a standard indemnification agreement with him.
Key Highlights
- 1Allstate Corporation elected Jacques P. Perold as a new director to its Board.
- 2The size of the Board of Directors has been increased to 11 members.
- 3Mr. Perold's appointment is effective immediately as of December 1, 2015.
- 4His compensation will be in line with the company's standard arrangements for non-employee directors.
- 5Mr. Perold's compensation will be prorated based on his start date.
- 6An indemnification agreement is expected to be entered into with Mr. Perold.
- 7A press release announcing the election is included as an exhibit.
Frequently Asked Questions
The filing announces Jacques P. Perold's election as a director. The specific reasons for his appointment or his background are not detailed in this particular 8-K filing, which focuses on the event itself and the procedural aspects.
Mr. Perold's compensation will follow the company's established standard compensation plan for its non-employee directors. This compensation will be prorated to reflect the portion of the term he serves.
Increasing the Board size from 10 to 11 directors, following Mr. Perold's appointment, suggests the Board may be seeking to add specific expertise or to better balance its composition. The filing does not elaborate on the strategic reasons for the increase.
The filing does not disclose any potential conflicts of interest. It does state that an indemnification agreement will be entered into, which is standard practice to protect directors and officers.