Former State Farm CEO Michael Tipsord has stepped down from his role as chairman of the board at the insurance giant, company officials have confirmed.
Tipsord relinquished his role as CEO in January, a post he had held since 2015. Jon Farney, a 30-year veteran of the company, took over as CEO at the start of the year.
Tipsord retired from the board in September and State Farm’s presiding director W.H. Knight Jr. is now overseeing the work of the board, according to a State Farm spokesperson who did not provide further comment.
The transition in phases is similar to State Farm’s last leadership switch when Tipsord succeeded Ed Rust Jr. as CEO in September 2015. Rust remained chairman of the board until July 2016, when Tipsord also assumed that role.
State Farm, based in Bloomington, is the largest auto and home in the United States. It has more than 13,000 employees in Bloomington-Normal.
State Farm’s property and casualty insurance companies ended 2023 with a net worth of $134.8 billion. That value increased despite a rise in damage claims due to severe weather and other catastrophes.
