NORTHBROOK, Ill., Sept. 12 /PRNewswire-FirstCall/ -- The Allstate
Corporation (NYSE: ALL) today announced a number of management and
organizational changes in a move designed to further accelerate its strategy
to become a broader based financial services organization.
"These changes are designed to accelerate our growth, while complementing
and enhancing the progress we have made in implementing our core business
strategies," Edward M. Liddy, Allstate's chairman, president and CEO said
today, in commenting on the announced changes. "Over the last three years we
have successfully carried out a number of initiatives in our strategy to
become better and bigger in our traditional core business, and broader in the
range of financial products provided to the more than 16 million households
across America who are our customers.
"In 1999 we embarked on a strategy of strengthening our Allstate agencies
by broadening the financial products they provide beyond property and casualty
to life insurance, retirement and investment products. Our initial results
indicate this strategy successfully leverages our brand and our position in
local communities. In addition, we expanded our distribution of property and
casualty products by acquiring CNA's independent agent personal lines business
and creating The Good Hands(R) Network to enable consumers to access our
products through multiple alternatives. We also broadened our business by
entering worksite marketing through the acquisition of American Heritage Life.
Our more recent profit improvement plans have also yielded outstanding
results, putting us in a position to take this next step in our strategy.
"We have been exploring various options to ensure that our organizational
structure aligns with the company's business strategy in the best way
possible. We are confident that the experience and expertise that is
represented in the realigned management team will enable us to leverage the
unique assets of the corporation, and continue on the path to enhanced and
sustainable profitability."
Thomas J. Wilson, 44, currently chairman and president of Allstate
Financial, will assume the new role of president, Allstate Protection,
effective Oct. 1, 2002. He replaces Richard I. Cohen, who is retiring
effective Dec. 31, 2002. Allstate Protection will combine the existing
operations of Allstate Property and Casualty and the Ivantage Group and
provide property and casualty products through Allstate and independent
agencies, respectively.
"Rick's contribution to the success of The Allstate Corporation throughout
his 34-year career has been immeasurable," said Liddy. "He has served in
numerous leadership positions within the corporation and since being appointed
president, Allstate Property & Casualty has led a major transformation
strategy. We will miss his wise counsel and sound judgment, and wish him the
best in his retirement."
Wilson joined Allstate as chief financial officer in 1995 from Sears,
Roebuck and Co., where he had been vice president of strategy and analysis.
He became president of Allstate Financial in January 1999. Under his
direction, Allstate Financial has steadily increased its product offerings,
distribution channels, and financial contributions to the corporation.
"Tom Wilson's experience with Allstate agencies and independent
distribution channels will enable him to lead a powerful protection focused
organization, signaling our commitment to both the Allstate agency network and
the independent agency channel," Liddy said. "By leveraging the resources of
the two groups we intend to strengthen and deepen the relationships with
agents and customers in both channels, and continue the drive to be a focused
multi-channel supplier of personal protection products."
Casey J. Sylla, 59, presently acting chief financial officer, will become
chairman and president, Allstate Financial, effective Oct. 1, 2002, replacing
Wilson. Allstate Financial, with assets of more than $65 billion, is
predominantly focused on life insurance, retirement and investment products
through one of the industry's broadest distribution networks.
Sylla has had an extensive and highly successful career in the financial
services industry. Prior to joining Allstate in 1995 as chief investment
officer and then as president of Allstate Investments, LLC, Sylla served as
senior vice president and executive officer at Northwestern Mutual Life
Insurance Company in Milwaukee where he held a number of positions within its
investment department from 1971 until 1995.
"Casey Sylla has demonstrated outstanding leadership skills and his long
association with the investments and life and savings businesses make him
highly qualified for his new role," Liddy said in commenting on the
announcement. "Since joining Allstate he has helped manage and contribute to
the growth of the company's current $85 billion investment portfolio. He has
also demonstrated a proven ability as an adept strategic leader having twice
served as interim chief financial officer."
Samuel H. Pilch, 55, currently group vice president and controller, will
assume the position of acting chief financial officer, effective Oct. 1, 2002.
Prior to joining Allstate in 1995 in his current position, Pilch was vice
president and chief operating officer of the managed care and employee
benefits division for the Travelers Corporation. Earlier positions at the
Travelers included vice president of finance-insurance operations and vice
president & treasurer of the company.
Ms. Catherine S. Brune, 49, currently a vice president in Allstate's
Technology Shared Services, has been appointed senior vice president and chief
technology officer and will assume leadership of the corporate technology
group effective Oct. 1, 2002. She succeeds Frank M. Pollard, senior vice
president and chief information officer who is retiring effective Dec.
31, 2002.
"Throughout his 35-year career, Frank has made many major contributions to
the growth of Allstate," Liddy said. "He has held a wide variety of positions
across the company utilizing strong leadership to achieve innovation results.
We wish him all the best for the future.
"The changes we have announced today are the next step in the evolution of
our business strategy, as we become a broader based financial services
company. We are confident that the successful financial performance we have
demonstrated so far this year will be enhanced over the long term by these
moves -- as we continue to focus and refine the company's business and
organizational models."
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held
personal lines insurer. Widely known through the "You're In Good Hands With
Allstate(R)" slogan, Allstate provides insurance products to more than
16 million households and has approximately 12,500 exclusive agents and
financial specialists in the U.S. and Canada. Customers can access Allstate
products and services through Allstate agents, or in select states at
http://www.allstate.com and 1-800-Allstate. Encompass(SM) and Deerbrook(R)
Insurance brand property and casualty products are sold exclusively through
independent agents. Allstate Financial Group includes the businesses that
provide life insurance, retirement and investment products, through Allstate
agents, workplace marketing, independent agents, banks and securities firms.
SOURCE Allstate Corporation
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CONTACT:
Michael Trevino of Allstate, +1-847-402-5600
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