State Farm plots mid-year succession; 30-year insider takes top spot
US P&C carrier State Farm tapped its current CFO Jon Farney, a 30-year insider, to step into the company's CEO post as of June 1 to replace retiring CEO Michael Tipsord.
“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 in announcing the transition. Tipsord will continue to serve as chair of the board.
Farney was named SVP, treasurer and chief financial officer in January 2016 and already succeeded Tipsord as president of State Farm Mutual Automobile Insurance Company on January 1, 2024. Farney joined State Farm in 1993 and has served in a variety of executive leadership roles including assistant vice president – securities products, assistant vice president – planning & analysis, vice president – financial operations and operations vice president – underwriting.
Tipsord began his State Farm career in 1988. He was named vice chairman and chief financial officer in 2004, chief operating officer in 2011 and elected CEO and president in 2015.
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