State Farm Names Jon Farney as President

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.

Have you read?
The 21st Century’s Biggest Financial Frauds and Controversies.
The World’s Most Valuable Unicorns, 2023.
The World’s Top 10 Highest-Paid Wealth Management Executives.
CEO compensation: Highest paid chief executive officers in the United States in 2022.
Highly-Paid Entertainment Chief Executives (Averaged $31.66 Million), 2022.
Highest paid health insurance CEOs.

This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

Email Address*

Name