Allstate's Judy Greffin Steps Down From Running $78 Billionby and
Finance chief Shebik to oversee investments in interim role
CEO Wilson credits Greffin for `significant contributions'
Allstate Corp., the largest publicly traded U.S. home and auto insurer, said Chief Investment Officer Judy Greffin is retiring effective March 31 after helping diversify the company’s portfolio.
Chief Financial Officer Steve Shebik, 59, will serve as interim CIO while Allstate seeks a replacement, the Northbrook, Illinois-based company said Thursday in a statement.
Chief Executive Officer Tom Wilson will look for a replacement to carry out his strategy of seeking alternatives to bonds. The company said last week that it was helping to start a freight rail-car leasing venture, and Allstate has also targeted investments in property and timber.
“I would like to thank Judy for her significant contributions to Allstate during a 25-year career that spanned a wide variety of investment climates,” Wilson said in the statement. “This includes the proactive approach we took during the 2009 financial market crisis and our recent shift to increase our performance-based investments.”
Greffin, 55, led a team of almost 300 professionals that managed about $78 billion, according to the statement. About 6.3 percent of Allstate’s investments were in limited partnerships as of Dec. 31, up from 5.6 percent a year earlier, according to a regulatory filing. About three-quarters of the portfolio was still in fixed income, with the largest allocation to corporate debt.
Greffin agreed to provide consulting services for a year after her retirement, the company said in a regulatory filing Thursday. Under the agreement, the insurer will make a payment of $735,000 to her by April 15.
Wilson announced Greffin’s promotion to CIO in late 2008 after the company was burned by investment losses earlier that year. In 2014, she hired Russell Mayerfeld to oversee $10 billion of investments, including private-equity, infrastructure and real estate holdings. Greffin has a bachelor’s degree from Miami University in Ohio and an MBA from Ohio State University.
Shebik was promoted to CFO in 2012. He previously held senior finance roles in areas including the property-casualty and life units.