Allstate names Exelon CEO to board of directors

PRNewswire

Northbrook-based Allstate Corpo. announced that John W. Rowe, 66, chairman and chief executive officer of Exelon Corporation, has been elected to its board of directors.

Rowe’s election increases the number of Allstate board members to 12. Rowe will stand for election with all board members, who are elected annually, at Allstate’s shareholder meeting in May.

“John’s successful operating and leadership experience at Exelon complement the strength of Allstate’s existing board of directors,” said Thomas J. Wilson, Allstate’s chairman, president and chief executive officer. “As we implement our strategy to offer unique insurance products to different customer segments, these capabilities improve our execution and enable us to deliver increased value to shareholders.”

Rowe has led Exelon — one of the nation’s largest electric companies — since its formation in 2000 through the merger of PECO Energy and the parent of Commonwealth Edison. He has announced his plans to retire this year upon completion of Exelon’s planned merger with Constellation Energy. In both 2008 and 2009, Institutional Investor named Rowe the best electric utility CEO in America.

Earlier in his career, Rowe held chief executive officer positions at the New England Electric System and Central Maine Power Company, served as general counsel of Consolidated Rail Corporation, and was a partner in the law firm of Isham, Lincoln & Beale. Rowe is the lead independent director of the Northern Trust Company.

“I look forward to working with Tom and the entire Allstate board to share my experience in implementing a strategy to provide better value for customers and shareholders,” Rowe said.