Career Ed Liddy

1 career

1.1 sears, roebuck , co.
1.2 allstate corporation
1.3 american international group
1.4 clayton, dubilier & rice, llc
1.5 board of director roles

career

liddy began career financial analyst ford motor company in 1972. joined g.d. searle & co., , ceo donald rumsfeld, in 1979, becoming cfo. upon sale of searle monsanto, served 1986 1988 executive vice president , member of board of directors of adt, inc..

sears, roebuck , co.

upon sale of adt, liddy joined sears in april 1988 , served in variety of financial , senior operating roles before being named chief financial officer in february 1992. in role, architect , implementer of successful restructuring of sears, involved breaking company numerous public companies (sears, allstate corporation, dean witter) , selling non-core assets (homart development company, coldwell banker residential broker, sears mortgage , sears savings bank). led 1993 initial public offerings of dean witter/discover , allstate, 2 of largest ipos ever done @ time. led 1995 spinoff of allstate sears.

the allstate corporation

after ipo of allstate, liddy held positions of increasing responsibility allstate corporation, largest publicly held personal lines property , casualty insurer in america, 1994 2008. served chairman january 1999 until retirement in april 2008. chief executive officer january 1999 until december 2006, , president , chief operating officer august 1994 december 1998. under liddy’s leadership, company streamlined exiting non-core businesses , company expanded distribution system beyond traditional agency force reach customers through internet , call centers. during liddy’s tenure president , ceo, allstate’s market value more tripled, $11 billion (dec. 31, 1994) on $40 billion (dec. 31, 2006).

american international group

in september 2008, @ request of secretary of u.s. department of treasury, liddy agreed serve interim chairman , chief executive officer of american international group, inc. (aig). placement in role 1 of numerous government actions provide stability u.s. financial firms during global financial crisis. requested salary of $1 per year.

the restructuring of aig liddy took on 1 of largest in u.s. corporate history. , aig team developed strategy stabilize company , $1.2 trillion balance sheet; keep company out of bankruptcy; repay interest money invested in company various u.s. government entities, totaled $182 billion; , keep remaining business comprise aig vital , competitive.

the government bailout of aig garnered national headlines in may 2009 when aig, concurrence of u.s. treasury , federal reserve, paid earned bonuses employees of financial products business, determining payments contractual obligations. liddy noted “honoring contractual commitments @ heart of in insurance business.” @ same time, urged employees received $165 million in bonuses “do right thing” , return @ least part of bonus.

once company stabilized, viable plan in place repay government assistance , management team partially in place execute strategy, liddy announced on may 21, 2009 resign aig chairman , ceo when replacements found. suggested 2 roles split. in august 2009, robert benmosche took on ceo , harvey golub chairman.

by december 2012, aig had repaid entire $182 billion, plus required interest, invested in company government.

clayton, dubilier & rice, llc

liddy served partner in private equity investment firm clayton, dubilier & rice, llc april september 2008 , january 2010 december 2015.

board of director roles

liddy serves on board of directors of 3m company, boeing company, abbott laboratories , abbvie inc.