Morris joins Allstate and its board from MetLife where she was executive vice president, global employee benefits.
She served on the executive group for almost a decade and held numerous senior leadership positions.
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In addition, she serves on the boards of Wells Fargo, S&P Global and Resolution Life.
“Maria’s broad insurance experience at MetLife, from employee benefits to personal property liability, will provide support in executing our plans to improve profitability. In addition, her successful strategic, operational and technology leadership will provide expertise in overseeing the strategy to increase market share and broaden protection provided to customers,” said Tom Wilson, Allstate chair, president and CEO.
“Maria’s board experience in financial services and risk management adds yet another dimension to an exceptional board,” added Allstate lead director Gregg Sherrill.
“Allstate is a highly trusted brand in a critical industry and a company known for forward-thinking leaders and an experienced board,” said Morris. “I am excited to build on Allstate’s history of success.”
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By GlobalDataActivist hedge fund Trian Fund Management has acquired a stake in US insurance company Allstate, reported Reuters, citing undisclosed sources.
Illinois-based Allstate has been reeling under losses.
It has attributed its subpar performance to natural disasters, which are occasionally made worse by climate change.
Trian’s investment could put pressure on Allstate CEO Tom Wilson to improve the insurer’s performance.
Allstate has hired investment bankers to assist it in how to deal with Trian, according to the sources.
No information was available regarding the size of Trian’s investment and its plans for Allstate.
