State Farm announces new leadership
State Farm President Jon Farney has been selected as the company’s next Chief Executive Officer by the State Farm Mutual Board of Directors. Farney will formally begin his role on June 1. The announcement was shared this morning by Chairman and 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,” said Tipsord at a meeting of State Farm leaders earlier today. He noted Farney’s key role in the company strategy in the last several years.
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. He was named senior vice president, treasurer and chief financial officer in January 2016. He succeeded Michael Tipsord as president of State Farm Mutual Automobile Insurance Company on January 1, 2024. A native of Illinois, Farney earned his bachelor’s degree from Illinois State University and his MBA from the University of Michigan.
“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,” said Farney. “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 focused on positioning the 102-year-old company to help more people in more ways for the long-term following his CEO appointment in 2015. Since then, State Farm has grown from more than 83 million policies to serving more than 94 million policies and accounts. The financial strength of the organization – necessary to help ensure the company keeps its promise to its customers – has expanded from $82.7 billion to more than $134 billion. State Farm remains the nation’s leading Auto and Home insurer.
Both Tipsord and Farney expressed to company leaders today the important role of the State Farm mission to help people. Farney emphasized the company’s long-held focus on the customer will carry forward, with an eye toward further enhancing digital capabilities and leveraging the unique talents of agents and employees throughout the country.
“With great minds, good hearts and wonderful people, there is truly no place like State Farm,” Tipsord told employees and agents earlier today. “I know the best days for this amazing organization are yet to come.”
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. He was elected Chairman of the Board of State Farm Mutual Automobile Insurance Company in June 2016. Tipsord will continue to serve as Chairman. A graduate of Illinois Wesleyan University, Tipsord is a Certified Public Accountant and earned his juris doctor from the University of Illinois, where he is a member of the dean’s advisory board for the College of Law.
