The CEO of Country Financial, who led the company into a controversial decision to no longer require policyholders to be Farm Bureau members, will retire June 30 after seven years on the job.
Bloomington-based Country Financial, one of McLean County’s largest employers, announced the leadership changes on Wednesday morning. CEO Jim Jacobs plans to retire on June 30 after 21 years with the company.
Country Financial said in a statement its Board of Directors has authorized human resources to begin a search for the next CEO. The company has not announced an interim CEO.
“Day-to-day operations will continue uninterrupted, supported by a highly experienced senior leadership team,” the insurer said.
Jacobs’ exit caps a tumultuous period for Country Financial, an affiliate of the Illinois Farm Bureau. Country announced in 2024 that it would no longer require Farm Bureau membership for non-farm policies. Country said the membership requirement was a longtime sore spot for its customers and that the change was necessary to stay competitive.
The move angered the American Farm Bureau Federation [AFBF], which moved to kick the Illinois Farm Bureau out of the federation. The AFBF said the move would “cause the loss of hundreds of thousands of farm bureau members” — and the dues they pay. Illinois Farm Bureau responded with a lawsuit to stop that from happening.
The dispute led in part to the Illinois Farm Bureau president, Brian Duncan, being ousted in December and replaced with Philip Nelson, who held the job before. Nelson promised to fix the breakdown in communications with the AFBF.
The old leadership team, however, declined to resign from their Country board positions right away — bucking precedent and continuing the drama. Nelson and the other new Country board members were eventually seated earlier this month.
Jacobs became CEO in 2019, following Kurt Bock’s seven-year tenure as chief executive. Jacobs previously served as general counsel, secretary and chief legal officer for Country, Illinois Farm Bureau and other affiliated companies. He previously served as an Illinois Farm Bureau attorney and was a litigation attorney for 14 years at a New Orleans law firm.
The lawsuit between the Illinois Farm Bureau and American Farm Bureau Federation remains pending in McLean County court. The case is due back in court today after talks to end the suit failed. In a statement, Country Financial guided the insurer through a period of sustained revenue growth and “strategic transformation,” noting County and its affiliated companies’ revenue topped $4.5 billion in 2025.
“The Board thanks Jim for his years of leadership at Country Financial. We are grateful for his dedication and wish him all the best,” the Country Financial Board of Directors said in a statement. “We will be initiating a search for Country’s next CEO, and we look forward to working with the new leader as we continue building on this strong foundation.”
The company also credited Jacobs for steering the company through the COVID pandemic, major building updates and the insurer’s 100th anniversary celebrations in 2025.
“Leading this organization has been the greatest professional honor and experience of my life,” Jacobs said in a statement. “The hard work and dedication of the entire Country Financial team has made a better and stronger company for our clients.”
Country Financial has declined further comment.
