A former chief financial officer will be taking over as the day-to-day leader of a giant insurer.
The board of Allstate Corp., Northbrook, Ill., has chosen Thomas Wilson, 48, the company’s president, to succeed Edward Liddy, the chairman and chief executive officer, as CEO at the end of the year.
Liddy, 62, who has been Allstate’s chairman and CEO since January 1999, will keep the chairman title until he retires in the spring of 2008, Allstate says.
Allstate has not said whether Wilson or someone else will get the title of chairman.
Liddy, who served as president of Allstate before taking over as chairman, says this is an ideal time for a leadership transition.
“Today Allstate is in a very strong position,” Liddy says in a statement about his pending retirement.