They should be looking at getting rid of Glenn Shapiro. It’s been downhill since he started and even worse after he was promoted. He did the same thing to Liberty Mutual. He ran them into the ground and jumped ship. Now he’s doing the same at Allstate.
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They don't care about that. They care that after the 2008 crisis, which landed in his lap not long after he took over, share prices quadrupled. State Farm little more than doubled since the crisis bottom. Even Berkshire didn't quite triple. Allstate beat out Warren Buffet in stock performance since the 2008 crisis. Think about that.
Here’s my question. If Allstate has slipped from the #2 insurer to the #4 insurer during Tom Wilson’s tenure, why isn’t HE on the chopping block? What’s the Board doing?! Yes, shareholder returns have been good - thanks to the massive stock buybacks, which prop up the stock price (and the senior “leadership” team salaries). But, really, Allstate has totally lost ground under Tom. Shouldn’t he be canned? And, frankly, the senior “leadership” team he’s assembled is not impressive. I can’t think of a single one who inspires actual loyalty and respect.
My department was hit with a huge staff reduction a year ago and we were overwhelmed with work. I thought we would be safe as we were at a minimal staffing level and could barely keep up with the workload, often falling behind. A few months ago, they shut us down and outsourced our jobs. No one is safe. They don’t care how busy you are or how valuable the work you do is. They are willing to do anything right now to become the cheapest insurance company.
I am 2 years shy of 65 and voluntary retirement. Why doesn’t Allstate offer packages as incentive to retire early. I would hate to stay while someone starting or in the middle of their career is cut. Makes no sense.