Allstate Shakes Up Management Team
January 04 2018 - 2:53PM
Dow Jones News
By Nicole Friedman
Allstate Corp. promoted three executives Thursday ahead of the
retirement of President Matt Winter.
Mr. Winter, 60 years old, is set to retire in late February
after eight years at Allstate. It was a voluntary decision and not
a surprise internally, according to Allstate Chairman and Chief
Executive Tom Wilson.
"We've been working on this for awhile," Mr. Wilson said in an
interview.
Allstate appointed Mario Rizzo, currently chief financial
officer of the company's personal lines division, to be CFO of the
entire company. The insurance company also named current Allstate
CFO Steve Shebik vice chairman and appointed Glenn Shapiro
president of the personal lines division.
Allstate's CEO, who is also 60 years old, said he has no plans
to retire. 'What I said to the board is 'I have no intention in
leaving at this point...and I'll keep working as long as you want
me to keep working.'"
"Our business has got a lot of momentum coming out of 2017, and
we're doing all this innovative and fun long-term stuff," he
said.
Allstate has raised car-insurance prices in recent years to
offset the cost of more auto accidents around the country. It has
also invested in new technologies, such as using location data to
assess how well its customers drive.
The company reported better-than-expected operating income of
$587 million, or $1.60 a share, in the third quarter despite $861
million in catastrophe losses from Hurricanes Harvey and Irma. The
company announced estimated October catastrophe losses of $516
million pretax, mostly due to wildfires in California.
--Allison Prang contributed to this article.
Write to Nicole Friedman at nicole.friedman@wsj.com
(END) Dow Jones Newswires
January 04, 2018 14:38 ET (19:38 GMT)
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