State Farm chair and chief executive Michael Tipsord (pictured left) will be succeeded by president Jon Farney (pictured right) as CEO from June 1. Tipsord, who has been chief executive since 2015 and chair since 2016, is retaining the chairmanship.
During a gathering of State Farm leadership, the retiring CEO praised Farney’s dedication and problem-solving abilities, stating: “Jon and I have worked together for many years. I’ve seen how much he 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.”
Since joining State Farm in 1993, Farney has held multiple leadership positions, including assistant vice president roles for securities products and planning & analysis, vice president of financial operations, and operations vice president of underwriting, before being appointed senior vice president, treasurer, and chief financial officer in 2016. He took over from Tipsord as president on January 1, 2024.
Farney commented: “It’s a privilege to follow Michael as CEO of this great company and lead an incredible team of more than 19,000 independent contractor agents and 65,000 employees who are committed every day to serving our customers. 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.”
Under the current chief executive’s leadership, State Farm has focused on long-term growth and service expansion, growing from 83 million to over 94 million policies and accounts, and increasing the company’s financial strength from $82.7 billion to over $134 billion.
Tipsord came on board State Farm in 1988 and has served in various posts including vice chairman and CFO from 2004 and chief operating officer from 2011.
“With great minds, good hearts, and wonderful people, there is truly no place like State Farm,” he told employees and agents. “I know the best days for this amazing organization are yet to come.”
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