State Farm Mutual Automobile Insurance Company is set to welcome a new President as of the upcoming New Year. The Bloomington-headquartered company officially confirmed that Jon Farney, currently serving as the Senior Vice President, Treasurer, and Chief Financial Officer, will step into the role of President starting January 1.
According to State Farm spokesperson Angie Harrier, Farney will collaborate closely with Michael Tipsord, the Chairman and Chief Executive Officer who recently announced plans for retirement sometime in the coming year.
With roots in Bloomington-Normal, Farney has held various leadership positions since joining State Farm in 1993, initially beginning as an intern after graduating from the College of Business at Illinois State University.
While it remains uncertain if Farney will assume the positions of Chairman and CEO after Tipsord, the company has indicated that a successor is likely to be announced in the first half of the year. Tipsord took on the roles of CEO and President in 2015 before being elected chairman in 2016, succeeding Ed Rust Jr., who had led State Farm for three decades.
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