Allstate rejigs personal liability leadership; CFO Rizzo takes the lead
US retail insurer Allstate is shaking up its property-liability leadership, naming CFO Mario Rizzo to be president of the property-liability line on the unheralded announcement that current leader Glenn Shapiro will retire.
Long-term insider Jess Merten will step up to fill the CFO role.
Rizzo has served as the executive vice president and chief financial officer since January 2018. He had previously served as CFO of the group's personal lines unit from June 2014.
Rizzo will now take an annual base salary of $850,000 in his new post and gets an increased annual incentive target to 150% of salary and an increased target equity incentive opportunity to 325% of salary. Mr. Rizzo will be eligible for an equity grant of $71,027 on October 5 this year.
Merten has served as president for financial products since May 2020 following a term as chief risk officer from December 2017 to May 2020 and treasurer from early 2015.
Merten will receive an annual base salary of $765,000 in and take an increase in his annual incentive target to 125% of salary while his target equity incentive opportunity to 300% of salary. Mr. Merten will be eligible for an equity grant of $191,774 on October 5.
Of Shapiro's departure, Allstate said only he "had decided to retire," having "successfully led" the business since 2018. Shapiro will serve as an advisor to the CEO and his successor from September 1, 2022 through September 30, 2022. Allstate is making a severance payment at $1.1 million and will continue to vest a pro-rated portion of his 2020 performance stock award.
Allstate CEO and chair Tom Wilson commented: “Glenn is an exceptional leader who expanded property-liability distribution, significantly lowered costs to provide greater value to customers and advanced our digital transformation. Mario’s leadership capabilities and breadth of experience during his 33 years at Allstate will ensure that this momentum is maintained. Jess is ideally suited to be the Chief Financial Officer, with success in multiple financial roles and most recently leading Allstate Financial and the divestiture of the life and annuity businesses."
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