I did not have Shapiro leaving at this point on my bingo card. This is NO voluntary retirement. He was likely told “quit or retire.”
Transformative growth has been a failure. The offshore move has not occurred as planned forcing Allstate to pay unplanned money into hiring more folks here in the short term. Allstate took a beating with the unplanned total amount of severance paid out in 2020. Allstate has needed to pay an unplanned large amount of money to keep the stock price up through stock buybacks..Allstate has seen huge pressure in results across the board and is likely seeing pressure from large investors although the stock buybacks has largely kept them quiet. Transformative Growth was Shapiro’s baby and he is going to take the fall although I thought that others would be tossed first like the SVP of claims.
Allstate is in a bad place. It is too late to
Just dump TG.. they are committed to it as they have largely burned down the prior infrastructure that was in place…
Interesting to see what Tommy boy does from here. He may just retire, cash in his chips and let someone else deal with the results of his incompetence and poor hires just as the leaders who destroyed Sears did…
Hold onto your popcorn folks..
15 replies (most recent on top)
@ofy+1iif3013 Sure…55 years old wanting that job of CEO and he suddenly “retired.”..
Either you are a paid company troll to spin things for the company or you are an id--t…:
He was told to retire or be removed…If he was removed, that would look poorly..:::So he “retired.”
He damn sure was!
The misinformation on this board is astounding. He wasn't fired.
There are no employment contracts with officers. Patently false. Check the proxy statement - a publicly filed document that straight up says no employment contracts. He was let go and given time to transition to save face. A company does not pay severance to someone who is voluntarily retiring.
- If it was a termination, he wouldn't still be here until Sept 30, it would be immediate.
- At the Officer levels you work under a 1 or 2 year contract. When the contract is up Allstate has the option to renew or not. Given everything that has gone wrong, Wilson evidently felt a need for new leadership and did not renew Glenn's contract.
- If contract is not renewed, any severance would be spelled out in the contract itself, and not part of the severance that we employees still get (2 weeks for every year).
- The fact that Wilson put an actual long term Allstater in charge gives me some hope of a return to normality.
Tommy specifically looked for “non Allstate” folks to fill high level positions, He did not want anyone with a history to Allstate process, people or procedures in the decision making loop when the company was gutted….Makes it easier to just remove people like they never mattered when you do not have a history to those departments or people…
Well, the high level “non Allstate” employee who designed all those “genius” changes has been in essence fired…
What do you do now Tommy????
Allstate, the policy holders and employees do not stand a chance until Wilson is gone…
“Back to basics” coming soon to an Allstate office near you…LOL
Yep, not a retirement by choice since he’s getting severance pay. He was booted.
just curious, is his severance pay information public record since it's a public company?
Yes-
Pay to Employee the lump sum amount of $1,100,000.00, subject to federal, state, FICA, and other applicable tax deductions and withholdings, no later than February 28, 2023; and
- Continued vesting of 10,664 of the target performance stock awards granted to Employee pursuant to 2020 PSA Award Agreement under the 2019 Equity Incentive Plan (the “2020 PSAs”), pursuant to the terms and conditions thereof, which will be awarded to Employee, pursuant to the terms of the 2020 PSA Award Agreement including payment of dividend equivalents on vested PSAs and number of PSAs vesting based on attainment of 2020-2022 performance goals.
All the terminated employees from 2020 where ever they are and whatever they are doing can smile a little bit today…
Definitely not voluntary….this guy planned to be and was hired to be the next CEO after Wilson….He came to Allstate with the blueprint for TG and “a plan” for Allstate to finally beat Geico and Progressive at their own game…………
The company can no longer hide the clusterf@@@ and destruction that this plan brought. Now Tommy Boy is trying to figure out how to back out of TG without spooking the investors and needing to pay large amounts of money to change course….
Karma for all those employees put through he-l 2 years ago…
just curious, is his severance pay information public record since it's a public company?
Agree with Glenn Shapiros retirement being mandatory. It's actually a great sign because glenn destroyed liberty mutual and was a big part of the 2020 layoffs. He is ruthless
Allstate is wounded…
Adding to this losing the Uber and Lyft accounts that was announced to be the savior of commercial in 2017…
This looks exactly like Sears..Allstate will
Never be a player in the industry like it used to be…
When you lose a billion dollars in a quarter and guy your talent, yeah, these things happen.