Retirement of Allstate’s CEO to Realign Top Ranks at Sears

Allstate Corp. said Thursday that Chairman and Chief Executive Wayne Hedien will retire at the end of the year. His departure will prompt a shifting of positions at the insurance company and its parent, Sears, Roebuck & Co.

Hedien, 60, has been with Allstate and Sears for 28 years. He oversaw the public offering last year of a 19.9% stake in the company.

He will be succeeded by Jerry Choate, president of the company’s personal property and casualty unit since 1989.

Choate, 55, a 32-year veteran of Allstate, will immediately assume the duties of chief executive following his election as president, chief executive and director of Allstate by its board.

Sears Chief Financial Officer Edward Liddy will be executive vice president and chief operating officer of Allstate, effective immediately.

James Denny, Sears vice chairman, will assume the additional title of acting chief financial officer until a permanent replacement for Liddy is chosen.

Allstate Corp. is the parent of Allstate Insurance Co., the nation’s largest publicly held property and casualty insurance company.