State Farm Announces New CEO; Farney Succeeding Tipsord June 1 (2024)
The State Farm Mutual board of directors has selected President Jon Farney as the company’s next chief executive officer. Farney will succeed retiring CEO Michael Tipsord on June 1.
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.
Farney also succeeded Tipsord as president of State Farm Mutual Automobile Insurance Company on January 1, 2024.
“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 Thursday, according to a media statement. He also noted Farney’s key role in the company strategy in the last several years.
Farney, noting that he will be privileged to lead State Farm’s team of more than 19,000 independent contractor agents and 65,000 employees, said, “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.”
Addressing other company leaders, Farney stressed that “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.”
Tipsord took the helm of the company in 2015. Since that time, State Farm has grown from more than 83 million policies to serving more than 94 million policies and accounts, the company statement said. In addition the net worth of the organization stood at nearly $135 billion at yearend 2022, up from roughly $83 billion in 2015.
Like other personal lines insurers, State Farm suffered significant underwriting losses in the last two years. For 2023, underwriting losses climbed to $14 billion, a record for the 102-year old company.
State Farm remains the nation’s leading auto and home insurer, the statement noted.
Tipsord began his State Farm career in 1988. Before becoming CEO and president in 2015, he served as vice chairman and chief financial officer in 2004, and as chief operating officer in 2011.
He was elected chairman of the board of State Farm Mutual Automobile Insurance Company in June 2016, and he will continue to serve as chairman when Farney becomes CEO later this year.
Michael Tipsord is retiring as State Farm's CEO after holding the position for nearly a decade, according to a State Farm news release. Jon Farney, the company's current president, has been selected to step into the CEO position on June 1. Tipsord will remain as State Farm's chairman.
He was promoted to senior vice president, treasurer and chief financial officer in 2016. He was elected President of State Farm Mutual in January 2024 and assumed the role of Chief Executive Officer in June 2024.
The State Farm Mutual board of directors has selected President Jon Farney as the company's next chief executive officer. Farney will succeed retiring CEO Michael Tipsord on June 1.
What happened to the original Jake from State Farm? Stone eventually left his job at State Farm having participated in the one commercial. He was a bartender in Illinois as of 2014 and is married with two children as of 2023. But during the last 12 years, he has largely remained out of the public eye since.
Tipsord's salary of $2.4 million was 14% higher than his 2021 salary of $2.1 million, according to the filing. His bonus of $21.9 million was slightly below the 2021 bonus of $22.4 million.
How much does Jake from State Farm make? The original Jake, the real-life State Farm agent named Jake Stone, made around $10,000 for his role as himself in the commercial. Kevin Miles, the new Jake, earns around $10,000 to $15,000 for his ads. He's also a social media influencer with a net worth of $2 million.
Tipsord's compensation from State Farm was $24.5 million in 2021. State Farm announced in December 2023 that Tipsord will be retiring as the company's president in 2024.
The original Jake from State Farm was an actual employee from the Bloomington, IL office. He left the company for a while and came back, so the bare bones answer is he went back to work for State Farm. The longer answer is State Farm felt they needed an actor if “Jake" was going to say any more than Um, khakis.
State Farm is owned by State Farm policyholders. The fact that State Farm is a mutual insurance company means the company is privately owned by the people who purchase its insurance policies, and shares in the company are not available to investors on the public market.
Approximately 61.87% of the company's stock is owned by Institutional Investors, 1.44% is owned by Insiders and 36.69% is owned by Public Companies and Individual Investors. The ownership structure of Allstate (ALL) stock is a mix of institutional, retail and individual investors.
He is also known as Jake, from State Farm. He has appeared in numerous other commercials for companies such as Coors Light, 5 Hour Energy, Henry's Hard Sparkling Water, T-Mobile, Hyundai, McDonald's, Pepsi, Taco Bell, and Bose.
How much does Jake from State Farm make? The original Jake, the real-life State Farm agent named Jake Stone, made around $10,000 for his role as himself in the commercial. Kevin Miles, the new Jake, earns around $10,000 to $15,000 for his ads. He's also a social media influencer with a net worth of $2 million.
Audiences may know State Farm's khaki-wearing representative as “Jake from State Farm,” but in real life, his name is Kevin Miles. Miles, whose birth name is Kevin Mimm, began starring in the insurance company's commercials in 2020, replacing Jake Stone who played the character in the now-infamous ad from 2011.
American National acquired Farm Family Holdings, Inc. in 2001. The Farm Family group of companies includes Farm Family Casualty Insurance Company and United Farm Family Insurance Company.
Introduction: My name is Pres. Carey Rath, I am a faithful, funny, vast, joyous, lively, brave, glamorous person who loves writing and wants to share my knowledge and understanding with you.
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