Zulfikar Jeevanjee
Executive Vice President, Chief Information Officer and Chief Information Security Officer at ALL
Executive
About Zulfikar Jeevanjee
Zulfikar (Zulfi) Jeevanjee is Executive Vice President, Chief Information Officer and Chief Information Security Officer of Allstate Insurance Company (AIC), an executive officer of The Allstate Corporation. He has served as CIO since October 2022 and was previously AIC’s Senior Vice President, Chief Enterprise Architect (2018–2021), then SVP & CTO at CVS Health (2021–2022). He is age 60 and holds a BS in Electrical Engineering/Computer Science from Washington University in St. Louis; he was born and raised in Kenya and has led large‑scale technology transformations in financial services and insurance, including deployment of generative AI at Allstate. Company performance context during his tenure: Allstate’s 2024 total revenues were $64.1B with net income applicable to common shareholders of $4.6B; the 2022–2024 PSA cycle paid at 62.2% of target with relative TSR at the 91st percentile, and 2025 Q3 reported revenues of $17.3B and net income of $3.7B.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Allstate Insurance Company (AIC) | Executive Vice President, Chief Information Officer and Chief Information Security Officer | Oct 2022–present | Leads Transformative Growth technology platform and enterprise AI deployment to lower costs and enhance customer value; executive officer of The Allstate Corporation |
| CVS Health | Senior Vice President, Chief Technology Officer | Feb 2021–Sep 2022 | Enterprise technology leadership during pandemic; returned to Allstate as CIO |
| Allstate Insurance Company (AIC) | Senior Vice President, Chief Enterprise Architect | Nov 2018–Feb 2021 | Led architecture, innovation, systems engineering; foundation for later CIO transformation |
| Wells Fargo (prior) | Technology leadership (digital banking, post‑merger integration) | — | Led digitization of consumer banking and integration of Wachovia and A.G. Edwards platforms |
External Roles
No public company directorships or disclosed external board roles identified in Allstate’s proxy or filings for 2023–2025.
Fixed Compensation
- Allstate does not disclose the CIO’s individual base salary and target bonus in the 2025 proxy because he was not a named executive officer (NEO). Allstate does not maintain individual employment agreements for executive officers and does not provide guaranteed annual salary increases or bonuses. Annual cash incentive metrics are aligned with profitability, growth and investment performance.
Performance Compensation
Allstate executive officers participate in a long‑term incentive (LTI) framework using PSAs, RSUs and stock options; PSAs vest based on a three‑year performance period. 2024 and 2025 cycles emphasize Performance Net Income ROE and Relative TSR.
| Metric (PSA) | Weighting | Threshold | Target | Maximum | Measurement/Vesting |
|---|---|---|---|---|---|
| 2023–2025: Performance Net Income ROE | 50% | 10.0% | 16.0% | 18.0% | 3‑year average; PSAs vest after cycle; subject to positive net income cap |
| 2023–2025: Relative TSR | 30% | <25th pct = 0% | 55th pct = 100% | 90th pct = 200% | Relative to custom TSR peer group |
| 2023–2025: Strategic (Transformative Growth; IDE) | 20% aggregate | ND | ND | ND | Not disclosed due to proprietary plan linkage |
| 2024–2026: Performance Net Income ROE | 50% | 9.0% | 16.0% | 20.0% | 3‑year average; catastrophe loss banding in measure |
| 2024–2026: Relative TSR | 40% | <25th pct = 0% | 55th pct = 100% | 90th pct = 200% | Custom peer group including TRV, PGR, HIG, AIG, etc. |
| 2025–2027: Performance Net Income ROE | 60% | — | — | — | Re‑weighted to 60% (objective financial) |
| 2025–2027: Relative TSR | 40% | 25th pct = 50% | Interpolated | 200% @ 90th pct | Re‑weighted to 40% (relative) |
Additional plan design:
- Options: 10‑year term; vest one‑third annually over 3 years; no repricing permitted.
- RSUs: vest one‑third annually over 3 years; dividend equivalents paid in cash at vesting.
- 2022–2024 PSA payout certified at 62.2% of target; relative TSR at 91st percentile for the cycle.
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 8x salary; other senior executives (including CIO) 4x salary. Until compliant, executives must hold 75% of net after‑tax vested shares. As of Dec 31, 2024, all NEOs were compliant except one new appointee; (compliance for non‑NEOs not disclosed individually).
- Clawback: Allstate maintains clawback/cancellation provisions beyond Dodd‑Frank requirements.
- Hedging/pledging: Policy prohibits hedging or pledging of Allstate securities by executives.
- Vesting mechanics:
- RSUs: 1/3 annually; special treatment on death/disability/retirement/CIC qualifying termination.
- Options: 1/3 annually; expire at earlier of specified post‑termination windows or 10 years.
- PSAs: 3‑year cycles with performance certification; death/disability/retirement/CIC qualifying termination treatment as defined.
Insider transactions and potential selling pressure:
| Date (Filing) | Form | Transaction | Amount/Details | Notes |
|---|---|---|---|---|
| 2025‑02‑26 | Form 4 | Grant of RSUs (award date 2025‑02‑24) | RSUs awarded under 2019 Equity Incentive Plan (count not stated in IR snippet) | Source filing reflects new RSU award; vest 1/3 annually |
| 2025‑10‑07 | Form 4 | Grant of RSUs (award date 2025‑10‑03) | 7,115 RSUs granted | Subsequent three‑year vesting cadence implies periodic tax‑related sales near vest dates |
| 2025‑11‑05 | Form 4 | RSU conversion and tax‑withholding sale | 5,110 RSUs converted to common; 2,251 shares disposed (code “F”) for withholding | Typical vesting/tax events; not indicative of discretionary selling |
Ownership breakdown (beneficial ownership counts for the CIO are not tabulated in the 2025 proxy’s executive ownership table as he was not an NEO. Directors/NEOs and group ownership are disclosed; no shares were pledged in that table as of March 1, 2025).
Employment Terms
| Topic | Provision | Details |
|---|---|---|
| CIC severance | 2x salary + target annual incentive (cash) | Payable upon qualifying termination (without cause or for good reason) within 2 years after a change in control; no excise tax gross‑ups |
| Equity on CIC | Double‑trigger vesting | Unvested equity vests on qualifying termination following CIC; PSAs pay based on performance; no single‑trigger acceleration |
| Non‑solicit | 1‑year post‑termination | Executives subject to non‑solicit of employees, customers, suppliers after CIC qualifying termination |
| Standard severance (no CIC) | None | Base salary ceases immediately; annual incentive forfeited (subject to retirement and death/disability exceptions); no broad severance plan disclosed for executives |
| Deferred compensation | Executive deferral plan | Eligible employees can defer up to 80% salary/100% annual incentive above IRS cap; no company match |
Performance & Track Record
- Strategic execution: 2024 results reflected return to profitability, improved underwriting and investment results, and progress on Transformative Growth (increasing PL market share, expanding embedded protection). 2024 revenues were $64.1B (+12.3% YoY) with net income of $4.6B; PSA design emphasized PNI ROE and relative TSR; 2022–2024 PSA payouts were 62.2% of target with relative TSR 91st percentile.
- 2025 Q3 update: Revenues $17.3B (+3.8% YoY); net income $3.7B; adjusted net income $3.0B; commentary emphasized AI enablement via the Transformative Growth platform.
- Technology leadership: As CIO, Jeevanjee reorganized teams around engineering outcomes and rolled out gen‑AI tools (claims “copilot,” customer engagement sidekick) with plans to scale; also leveraging third‑party imaging AI for property underwriting.
Compensation Committee Analysis
- Practices: Target pay aligned to 50th percentile of peers; majority of LTI in PSAs; relative TSR used; independent consultant (Pay Governance) advised 2024 LTI decisions; no option repricing; clawbacks beyond Dodd‑Frank; no hedging/pledging permitted.
Investment Implications
- Pay‑for‑performance alignment: CIO participates in the enterprise framework that heavily weights PSAs tied to multi‑year PNI ROE and relative TSR; that increases alignment with shareholder outcomes and reduces incentive to prioritize short‑term optics over durable performance.
- Selling pressure: Recent Form 4s show standard RSU grants and tax‑withholding share disposals at vesting; these events suggest routine administrative selling rather than discretionary sales, implying limited incremental selling pressure beyond scheduled vest dates.
- Retention risk: Double‑trigger CIC protections, equity vesting schedules (RSUs/options vest over three years) and 4x salary ownership guidelines support retention; absence of guaranteed bonuses and no employment contracts indicate performance‑contingent pay with governance discipline.