Management Change/Compensation - Form 8-K - Insurance News

Management Change/Compensation – Form 8-K

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Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 13, 2024, the Board of Directors of the Registrant appointed Eric K. Ferren as Senior Vice President, Controller and Chief Accounting Officer of the Registrant, effective May 20, 2024. Mr. Ferren will succeed John C. Pintozzi as the Registrant's controller and principal accounting officer. Mr. Pintozzi will assume the role of Senior Vice President, Accounting Special Projects of the Registrant effective May 20, 2024.

Mr. Ferren, age 51, rejoins the Registrant after serving as chief financial officer of Revantage, a real estate services provider. Previously, Mr. Ferren served as Chief Financial Officer, Protection Products & Enterprise Services of Allstate Insurance Company from September 2019 to April 2024, and Senior Vice President, Controller, and Chief Accounting Officer of the Registrant from May 2017 to September 2019. Mr. Ferren will be entitled to receive an annual base salary of $445,000 in his position as Senior Vice President, Controller and Chief Accounting Officer. In addition, Mr. Ferren will be eligible for discretionary cash incentive awards, with an annual target opportunity of 50% of salary, and equity incentive awards under the Registrant's equity incentive plan, with a 2024 target equity incentive opportunity of 90% of salary delivered 50% in performance stock awards, 30% in restricted stock units ("RSUs") and 20% in stock options. In connection with foregone equity compensation resulting from his April 2024 departure from the Registrant, Mr. Ferren will also be entitled to a sign-on equity award with a grant date fair value of $625,000, consisting of RSUs, vesting 100% on the third anniversary of the grant date.

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The Allstate Corporation published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 20:54:09 UTC.