During a recent gathering of State Farm leadership, Tipsord expressed confidence in Farney’s abilities, highlighting his dedication, problem-solving skills, and commitment to the company’s values. Tipsord will continue to serve as Chairman of the Board while passing on the CEO responsibilities to Farney.

Farney, who joined State Farm in 1993, has a long history with the company, having held various leadership positions over the years. His tenure includes roles such as Assistant Vice President for securities products and planning & analysis, Vice President of financial operations, and Operations Vice President of underwriting. He assumed the position of Senior Vice President, Treasurer, and Chief Financial Officer in 2016 before being appointed President on January 1, 2024.

During the tenure of the present CEO, State Farm has prioritized long-term expansion and service enhancement, resulting in a significant increase in policies and accounts from 83 million to more than 94 million, and a substantial boost in the company’s financial stability from $82.7 billion to over $134 billion.

Tipsord joined State Farm in 1988 and has held numerous positions within the company, including Vice Chairman and Chief Financial Officer (CFO) from 2004, and Chief Operating Officer (COO) from 2011 onwards.

Farney commented, saying: “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. 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 realise their dreams.”

He added: “With great minds, good hearts, and wonderful people, there is truly no place like State Farm. I know the best days for this amazing organisation are yet to come.”