8-KLeadership ChangesExhibits & Filings

ALLSTATE CORP 8-K Report, Executive Changes (Jan 4, 2018)

Filed January 4, 2018For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

Allstate Corporation (ALL) filed an 8-K on January 4, 2018, detailing significant executive leadership changes. Steven E. Shebik, previously CFO, has been appointed Vice Chairman, receiving an increased compensation package. Mario Rizzo, formerly Senior Vice President and Chief Financial Officer of Allstate Personal Lines, is the new Executive Vice President and Chief Financial Officer, also with an adjusted compensation structure. These appointments are effective January 3, 2018. Furthermore, the company announced the retirement of Matthew E. Winter, President, effective February 23, 2018. Following his retirement, Thomas J. Wilson, currently Chairman and CEO, will assume the additional role of President. The filing also notes other divisional leadership changes including Don Civgin and Glenn T. Shapiro taking on new presidential roles. These organizational shifts aim to streamline leadership and operations within the company.

Key Highlights

  • 1Steven E. Shebik promoted to Vice Chairman, with a significant increase in his incentive compensation targets.
  • 2Mario Rizzo appointed as the new Executive Vice President and Chief Financial Officer, succeeding Mr. Shebik.
  • 3Mr. Rizzo's compensation package includes an annual base salary of $700,000, with incentive and equity targets of 125% and 300% of salary, respectively.
  • 4President Matthew E. Winter to retire on February 23, 2018.
  • 5Chairman and CEO Thomas J. Wilson will assume the role of President in addition to his current duties.
  • 6Organizational restructuring includes the appointment of Don Civgin as President, Service Businesses, and Glenn T. Shapiro as President, Allstate Personal Lines.

Frequently Asked Questions

The key changes include Steven E. Shebik's promotion to Vice Chairman, Mario Rizzo's appointment as the new CFO, the upcoming retirement of President Matthew E. Winter, and CEO Thomas J. Wilson taking on the additional role of President. There are also leadership changes in divisional presidents.

Steven E. Shebik's compensation as Vice Chairman includes an increased annual base salary of $850,000, with his annual incentive target raised to 200% of salary and target equity incentive opportunity to 350% of salary. Mario Rizzo will receive a base salary of $700,000 as CFO, with an annual incentive target of 125% of salary and a target equity incentive opportunity of 300% of salary.

Following Matthew E. Winter's retirement as President on February 23, 2018, Thomas J. Wilson, who is currently Chairman and CEO, will also assume the role of President.

The appointments of Steven E. Shebik as Vice Chairman and Mario Rizzo as CFO, along with the divisional leadership changes, are effective January 3, 2018. Matthew E. Winter's retirement is effective February 23, 2018.