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Ed Liddy
Edward "Ed" Liddy (born January 28, 1946) is an American businessman who was chairman of the Allstate Corporation from 1999 to 2008.
In September 2008, at the request of the secretary of the U.S. Department of the Treasury, Liddy agreed to serve as interim chairman and chief executive officer of American International Group, Inc. (AIG). His placement in the role was one of numerous government actions to provide stability to U.S. financial firms during the 2008 financial crisis. Liddy requested a salary of just $1 a year.
Liddy was born in New Brunswick, New Jersey. After the death of his father in 1959, he moved to Clearwater, Florida, with his mother and older sister. He was a member of the first graduating class of Clearwater Central Catholic High School in 1964. He earned his bachelor's degree from the Catholic University of America (1968) and MBA from George Washington University (1972).
Liddy began his career as a financial analyst with Ford Motor Company in 1972. He joined G.D. Searle & Co., and its CEO Donald Rumsfeld, in 1979, eventually becoming CFO. Upon the sale of Searle to Monsanto, he served from 1986 to 1988 as executive vice president and a member of the board of directors of ADT, Inc.
Upon the sale of ADT, Liddy joined Sears in April 1988 and served in a variety of financial and senior operating roles before being named chief financial officer in February 1992. In that role, he was the architect and implementer of the successful restructuring of Sears, which involved breaking the company into numerous public companies (Sears, The Allstate Corporation, Dean Witter) and selling non-core assets (Homart Development Company, Coldwell Banker Residential Broker, Sears Mortgage and Sears Savings Bank). He led the 1993 initial public offerings of Dean Witter/Discover and Allstate, two of the largest ever IPOs at that time. He also led the 1995 spinoff of Allstate from Sears.
After the IPO of Allstate, Liddy held positions of increasing responsibility with the Allstate Corporation, the largest publicly held personal lines property and casualty insurer in America, from 1994 to 2008. He served as chairman from January 1999 until his retirement in April 2008. He was chief executive officer from January 1999 until December 2006, and president and chief operating officer from August 1994 to December 1998. Under Liddy's leadership, the company was streamlined by exiting non-core businesses and the company expanded its distribution system beyond its traditional agency force to reach customers through the internet and call centers. During Liddy's tenure as president and then CEO, Allstate's market value more than tripled, from $11 billion (December 31, 1994) to over $40 billion (December 31, 2006).
In September 2008, at the request of the Secretary of the U.S. Department of the Treasury, Liddy agreed to serve as interim chairman and chief executive officer of American International Group, Inc. (AIG). His placement in the role was one of numerous government actions to provide stability to U.S. financial firms during the 2008 financial crisis. He requested a salary of just $1 per year.
The restructuring of AIG that Liddy took on was one of the largest in U.S. corporate history. He and the AIG team developed a strategy to stabilize the company and its $1.2 trillion balance sheet; keep the company out of bankruptcy; repay with interest all money invested in the company by various U.S. government entities, which eventually totaled $182 billion; and keep the remaining business that would comprise AIG vital and competitive.
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Ed Liddy
Edward "Ed" Liddy (born January 28, 1946) is an American businessman who was chairman of the Allstate Corporation from 1999 to 2008.
In September 2008, at the request of the secretary of the U.S. Department of the Treasury, Liddy agreed to serve as interim chairman and chief executive officer of American International Group, Inc. (AIG). His placement in the role was one of numerous government actions to provide stability to U.S. financial firms during the 2008 financial crisis. Liddy requested a salary of just $1 a year.
Liddy was born in New Brunswick, New Jersey. After the death of his father in 1959, he moved to Clearwater, Florida, with his mother and older sister. He was a member of the first graduating class of Clearwater Central Catholic High School in 1964. He earned his bachelor's degree from the Catholic University of America (1968) and MBA from George Washington University (1972).
Liddy began his career as a financial analyst with Ford Motor Company in 1972. He joined G.D. Searle & Co., and its CEO Donald Rumsfeld, in 1979, eventually becoming CFO. Upon the sale of Searle to Monsanto, he served from 1986 to 1988 as executive vice president and a member of the board of directors of ADT, Inc.
Upon the sale of ADT, Liddy joined Sears in April 1988 and served in a variety of financial and senior operating roles before being named chief financial officer in February 1992. In that role, he was the architect and implementer of the successful restructuring of Sears, which involved breaking the company into numerous public companies (Sears, The Allstate Corporation, Dean Witter) and selling non-core assets (Homart Development Company, Coldwell Banker Residential Broker, Sears Mortgage and Sears Savings Bank). He led the 1993 initial public offerings of Dean Witter/Discover and Allstate, two of the largest ever IPOs at that time. He also led the 1995 spinoff of Allstate from Sears.
After the IPO of Allstate, Liddy held positions of increasing responsibility with the Allstate Corporation, the largest publicly held personal lines property and casualty insurer in America, from 1994 to 2008. He served as chairman from January 1999 until his retirement in April 2008. He was chief executive officer from January 1999 until December 2006, and president and chief operating officer from August 1994 to December 1998. Under Liddy's leadership, the company was streamlined by exiting non-core businesses and the company expanded its distribution system beyond its traditional agency force to reach customers through the internet and call centers. During Liddy's tenure as president and then CEO, Allstate's market value more than tripled, from $11 billion (December 31, 1994) to over $40 billion (December 31, 2006).
In September 2008, at the request of the Secretary of the U.S. Department of the Treasury, Liddy agreed to serve as interim chairman and chief executive officer of American International Group, Inc. (AIG). His placement in the role was one of numerous government actions to provide stability to U.S. financial firms during the 2008 financial crisis. He requested a salary of just $1 per year.
The restructuring of AIG that Liddy took on was one of the largest in U.S. corporate history. He and the AIG team developed a strategy to stabilize the company and its $1.2 trillion balance sheet; keep the company out of bankruptcy; repay with interest all money invested in the company by various U.S. government entities, which eventually totaled $182 billion; and keep the remaining business that would comprise AIG vital and competitive.