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State Farm Pronounces New CEO; Farney Succeeding Tipsord June 1

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The State Farm Mutual board of administrators has chosen President Jon Farney as the corporate’s subsequent chief govt officer. Farney will succeed retiring CEO Michael Tipsord on June 1.

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Farney joined State Farm in 1993 and has served in quite a lot of govt management roles together with assistant vice chairman–securities merchandise, assistant vice chairman–planning & evaluation, vice chairman–monetary operations and operations vice chairman–underwriting. He was named senior vice chairman, treasurer and chief monetary officer in January 2016.

Jon Farney

Farney additionally succeeded Tipsord as president of State Farm Mutual Car Insurance coverage Firm on January 1, 2024.

“Jon and I’ve labored collectively for a few years. I’ve seen how a lot he cares about State Farm, how a lot he cares concerning the individuals at State Farm, how he solves issues, and the way centered he’s on caring for our clients,” mentioned Tipsord at a gathering of State Farm leaders Thursday, in keeping with a media assertion. He additionally famous Farney’s key position within the firm technique within the final a number of years.

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Farney, noting that he shall be privileged to guide State Farm’s group of greater than 19,000 impartial contractor brokers and 65,000 workers, mentioned, “We’ll push ourselves to repeatedly enhance so we’re positioned to assist much more individuals handle the dangers of on a regular basis life, get well from the sudden and notice their goals.”

Addressing different firm leaders, Farney careworn that “the corporate’s long-held give attention to the client will carry ahead, with an eye fixed towards additional enhancing digital capabilities and leveraging the distinctive skills of brokers and workers all through the nation.”

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Michael Tipsord

Tipsord took the helm of the corporate in 2015. Since that point, State Farm has grown from greater than 83 million insurance policies to serving greater than 94 million insurance policies and accounts, the corporate assertion mentioned. As well as the web price of the group stood at practically $135 billion at yearend 2022, up from roughly $83 billion in 2015.

Like different private strains insurers, State Farm suffered vital underwriting losses within the final two years. For 2023, underwriting losses climbed to $14 billion, a file for the 102-year outdated firm.

State Farm stays the nation’s main auto and residential insurer, the assertion famous.

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Associated: AM Best Tweaks State Farm Outlook to Negative After Weather, Regulatory Issues

Tipsord started his State Farm profession in 1988. Earlier than turning into CEO and president in 2015, he served as vice chairman and chief monetary officer in 2004, and as chief working officer in 2011.

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He was elected chairman of the board of State Farm Mutual Car Insurance coverage Firm in June 2016, and he’ll proceed to function chairman when Farney turns into CEO later this yr.

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