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Civgin, whose experience also includes being the CFO of General Binding Corp., will also hold the title of senior vice president at Allstate (NYSE:ALL), effective Sept. 8, according to a company statement. Civgin's resignation from OfficeMax is effective Aug. 29.
"Don's broad base of experience and leadership, in combination with out strong financial team, will help us continue our focus on creating shareholder value," said Thomas J. Wilson, chairman, president and chief executive officer.
Allstate had been searching for a permanent CFO since Dan Hale announced his plans to retire at the end of March. Samuel Pilch, group vice president and controller, was serving as acting CFO.
Civgin's hiring is the latest in what has been some shuffling among Allstate's executive positions the past several years. Wilson, who was named president in 2005 and CEO in 2005, assumed the role of chairman this year when Edward M. Liddy stepped down from the post. In October 2006, Allstate named George Ruebenson, senior vice president, to succeed Wilson as president of Allstate Protection, the company's largest business unit (BestWire, Oct. 10, 2006).
Allstate said Civgin's role will include being a key representative to investors and Wall Street and he will serve as a member of the senior management team.
Civgin was also the senior vice president of finance and senior vice president of merchandise operations at Montgomery Ward. He holds a master's degree from the University of Chicago and a bachelor's of science from the University of Illinois.
Allstate's profit fell 98% in the second quarter this year as a result of major catastrophe losses and investment write-downs. The company has posted four straight quarters of net income declines and saw its net income drop to $25 million from $1.4 billion. Allstate said capital losses in the quarter were driven by $776 million in losses on investment dispositions, including change in intent write-downs and $199 million in impairment write-downs. Catastrophe losses for the quarter totaled $698 million (BestWire, July 24, 2008).
Allstate Insurance Group currently has a Best's Financial Strength Rating of A+ (Superior).
Midday Aug. 20, shares of Allstate stock were selling at $44.86, a 0.53% decrease from the previous day's close.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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