Edward Liddy , the retiring chairman of Allstate Corp., is joining Clayton Dubilier & Rice as a partner.
Clayton, Dubilier & Rice (“CD&R”), a leading global private equity firm with a strategy of building and growing the businesses in which it invests, today announced that Edward M. Liddy, former chairman and chief executive officer of The Allstate Corporation (NYSE:ALL), has been named a Partner at the Firm.
Mr. Liddy joined Allstate, the nation’s largest publicly-held personal lines insurer, in 1994. He served as president and chief operating officer from 1994 to 1998, chairman and chief executive officer from 1999 to 2006 and chairman since January 2007. He led the initial public offering and 1995 spin-off of the company from Sears, Roebuck and Co. and guided Allstate through this transformation.
“Ed’s blend of operating and financial acumen reflects the core of our competitive advantage,” said Donald J. Gogel, CD&R’s President and Chief Executive Officer. “The insights of our full-time operating partners?who, like Ed, join us after successful careers leading major corporations?inform all of our investment activities from sourcing and developing investment cases grounded in operating improvements to helping to work collaboratively with our portfolio company management teams on building stronger businesses.”
“CD&R’s industry positioning as a business builder is very compelling to me and a good match with my experience in leading corporate transformations,” said Mr. Liddy. “The combination of operating and financial capabilities has never been more important in the private equity investment business. I have come to know the CD&R team quite well and I look forward to working with such a world class group of professionals.”
Previously, Mr. Liddy served as senior vice president & chief financial officer and senior vice president-operating of Sears, Roebuck and Co., and as chief financial officer of G. D. Searle & Co. He is a director of 3M Company, The Goldman Sachs Group, Inc. and The Boeing Company. He is chairman emeritus of Northwestern Memorial Hospital and serves on the boards of Northwestern University and the Museum of Science and Industry. He is also a life trustee and former national chairman of the Boys & Girls Clubs of America.
About Clayton, Dubilier & Rice
With 30 years of history, Clayton, Dubilier & Rice, Inc. is one of the most experienced and respected private equity firms. The Firm’s focused investment strategy is predicated on producing superior financial returns through building stronger, more profitable businesses. Approximately 90 percent of the Firm’s historical returns have resulted directly from business improvements, as measured by earnings growth. CD&R’s portfolio investments include large market leading companies such as Rexel Group (RXL.PA), Hertz Global Holdings, Inc. (NYSE: HTZ), Sally Beauty Holdings, Inc. (NYSE: SBH), HD Supply and The ServiceMaster Company. The firm is based in New York and London. www.cdr-inc.com.