State Farm announces new insurance company CEO

Insurance Company - Jon Farney Elected as State Farm CEO effective June 1, 2024 - Image Source - State Farm Insurance YouTube

The company’s current president Jon Farney will take on the role of Chief Executive Officer

Jon Farney, current President of the State Farm insurance company has now been named the next Chief Executive Officer by the State Farm Mutual Board of Directors

Farney will officially start as CEO on June 1

Retiring State Farm CEO Michael Tipsord made the official announcement of Farney’s new position at the insurance company.  In his announcement, he detailed his lengthy professional relationship with Farney and underscored the care Farney has shown for the insurer and for the people who work there.  Tipsord also applauded Farney’s skills in problem solving and his great focus on ensuring the customers were taken care of.

State Farm Insurance company logo on sign
Credit: Photo by

The announcement was made at a recent meeting attended by the leaders at State Farm.  He stated at that time that Farney was a strong choice as he had already been playing a critical role in the insurer’s strategy in recent years.

Farney has been with the insurance company since 1993

Since first joining State Farm, Farney has held several executive positions, including assistant vice president of securities products, assistant vice president of planning & analysis, vice president of financial operations, and operations vice president of underwriting.  In January 2016, Farney took the positions of senior vice president, treasurer and chief financial officer.  In January 2024, he stepped into Michael Tipsord’s former role as president of State Farm Mutual Automobile Insurance Company.

Stepping into a new role once again

After following Tipsord in a previous role, Farney is now about to do so again.

“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,” he said in an official statement in the insurance company’s news release on the subject.

In it, Farney continued by stating that the intention was to continue to press toward improvement in order to remain positioned to assist customers to “manage the risks of everyday life, recover from the unexpected and realize their dreams.”

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