State Farm has announced its president Jon Farney will take over as chief executive officer starting June 1, replacing Chairman Michael Tipsord who is retiring as the insurance giant’s CEO.
Farney, an Illinois State University alum, took over as State Farm president from Tipsord at the start of the year. He’s been with State Farm since 1993 and has worked in several leadership roles for the company, including in securities, underwriting and planning and analysis. He was named senior vice president, treasurer and chief financial officer in January 2016.
“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,” Farney said in a news 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.”
Tipsord has served as CEO since 2015 but indicated late last year his plans to retire in 2024. He will continue in his role as chairman of the board.
“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,” Tipsord said at a meeting of State Farm leaders Thursday morning.
State Farm is the largest home and auto insurance company in the United States. It has more than 13,000 employees in Bloomington-Normal.
State Farm’s recent annual financial report indicated the company’s net worth is $134.8 billion, despite a net loss of $6.3 billion last year due to a rise in catastrophe claims from homeowner policyholders.
