Northbrook, Ill.-based Allstate Corporation said yesterday that Allstate Financial President and Chief Executive Officer James E. Hohmann will leave the company next month.
While a search for Mr. Hohmann's successor takes place, the company said it has named George Ruebenson, president, Allstate Protection, as interim president and CEO.
Mr. Ruebenson has been with Allstate for 38 years and has led teams to achieve business results through difficult market conditions, the company said.
Allstate Chairman, President and CEO Thomas J. Wilson said the insurer “plays an important role in serving millions of Americans who rely on us for common-sense solutions to help them protect their assets and prepare for the future.”
“Despite the hard work of our team, we must be more focused on creating a sustainable business model that reflects a new economic environment and reality for our customers. I look forward to working with George and the entire leadership team to ensure that Allstate Financial lives up to its full potential.”
Mr. Wilson continued, “We remain committed to the success of Allstate Financial. With this business, we can leverage our brand and investing expertise, improve our relationship with customers and take advantage of opportunities in the growing retirement space. I want to thank Jim Hohmann for his contributions to Allstate and wish him well in his future endeavors.”
Mr. Hohmann will leave Allstate Financial on Jan, 5, 2009, the company said.
Allstate Corp. is the nation's largest publicly held personal lines insurer.
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