Jon Farney named State Farm CEO, Michael Tipsord to retire
Michael Tipsord is retiring after 36 years with the company. He will continue serving as chairman of the company's board.
State Farm President Jon Farney is set to replace retiring Chairman and Chief Executive Officer (CEO) Michael Tipsord as State Farm CEO. Farney was named president of the 102-year-old insurance company on January 1 as Tipsord planned for retirement. He is poised to begin the CEO position on June 1, 2024.
In a press release, Tipsord said, “I’ve seen how much he [Farney] cares about State Farm, how much he cares about the people at State Farm, how he solves problems, and how focused he is on taking care of our customers.”
Tipsord was appointed CEO in 2015 and, like a good neighbor, spent his time as CEO finding new and additional ways to help people long-term. State Farm held 83 million policies then and now holds more than 94 million accounts and policies. Tipsord helped strengthen the company’s finances, expanding from $82.7 billion to $134 billion and cementing State Farm as America’s leading auto and home insurer.
Farney to continue Tipsord’s dedication
Farney joined the State Farm Mutual Automobile Insurance team in 1993, serving many roles over his tenure including assistant vice president of securities products and planning & analysis and then vice president of planning & analysis and operations vice president in underwriting. In 2016, Farney became the treasurer, senior vice president and chief financial officer (CFO) of State Farm and was chosen as Tipsord’s successor as president earlier this year.
“It’s a privilege to follow Michael as CEO of this great company and lead an incredible team,” Farney said in the press release. “We’ll push ourselves to continually improve so we’re positioned to help even more people manage the risks of everyday life, recover from the unexpected and realize their dreams.”
In addition to a customer-first focus, Farney plans to enhance digital capabilities and leverage agent and employee talent nationwide to expand State Farm’s reach.
Tipsord bids State Farm farewell after 36 years
Tipsord began his career at State Farm in 1988 and was named vice chairman and CFO in 2004, chief operating officer (COO) in 2011, and elected president and CEO in 2015. He will continue serving as chairman of the Board of State Farm Mutual Automobile Insurance during retirement, a position he’s held since 2016.
“With great minds, good hearts and wonderful people, there is truly no place like State Farm,” Tipsord told State Farm employees and agents. “I know the best days for this amazing organization are yet to come.”
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