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Allstate Outlines CEO Pay Package: $24 Million in 2006 for Ex-CEO Liddy

Apr 2, 2007

By Becky Yerak, Chicago Tribune

Apr. 3--In his last year as Allstate Corp. chief executive, Edward Liddy received a $24 million pay package in 2006, the Northbrook-based insurer disclosed in a regulatory filing Monday.

Liddy, who remains chairman, turned over the CEO job last January to President Thomas Wilson, 49, who received a $7.8 million pay package from the home-and-auto insurer.

Liddy's compensation included a $1.2 million salary, nearly $5 million in stock awards, including restricted stock, and $7.2 million in stock options.

According to a proxy filed with the Securities and Exchange Commission, Liddy, 61, also received a cash bonus of $5.3 million and $108,000 in miscellaneous compensation, which consisted mostly of $79,500 for the personal use of an aircraft and $14,000 for the personal use of Allstate drivers and cars.

The package also reflects a $5.1 million change in the value of his pension and pay called non-qualified deferred compensation earnings.

The value of $100 invested in Allstate stock on Dec. 31, 2005, would have been worth $123 at the end of 2006, compared with $113 for a peer group and $116 for the Standard & Poor's 500 index.

Allstate stock closed Monday at $59.58, down 48 cents, on the New York Stock Exchange.

byerak@tribune.com

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Copyright (c) 2007, Chicago Tribune

Distributed by McClatchy-Tribune Business News.

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