Michael L. Tipsord (born June 20, 1959) is the chairman of the board of State Farm Insurance in Bloomington, Illinois. Tipsord replaced Edward B. Rust Jr. as chairman on September 1, 2015.[1] State Farm is the 42nd largest company in the United States on the Fortune 500[2] and the country’s largest auto and home insurer.[3][4]

Education

Tipsord was born and raised in Illinois, graduated with a B.S. degree summa cum laude in 1981, from Illinois Wesleyan University in Bloomington, and a J.D. degree in 1984 magna cum laude from the University of Illinois at Urbana-Champaign.[5]

Career

Tipsord is a registered Certified Public Accountant (CPA)[6] and is a registered attorney in Illinois since November 16, 1984.[7] Tipsord earned the Chartered Life Underwriter (CLU) designation in 1991 and the Chartered Property Casualty Underwriter (CPCU) in 1995.[8][9]

State Farm logo
State Farm logo

Tipsord was a private practice attorney before becoming an assistant tax counsel for State Farm in 1988. Tipsord has gone on to hold a number of leadership positions including assistant treasurer in 1998, VP in 2001, senior vice president and CFO in 2004, COO before becoming chief executive officer in 2015. Tipsord’s compensation from State Farm was $24.5 million in 2021.[10][11][12][13]

State Farm announced in December 2023 that Tipsord will be retiring as the company's president in 2024.[14]

Other involvements

Tipsord serves as a trustee for the Brookings Institution think tank,[15] the dean’s advisory board for the University of Illinois College of Law,[16] the board of Navagant Consulting,[17][18] and has been a featured speaker at the Wharton School of Business.[19]

Controversies

Since Tipsord became CEO, State Farm has gone from nearly 70,000 employees to 53,586 employees in 2021.[20] Since 2015, numerous locations have been closed. Five more office centers are slated to close in 2020 and 2021.[21]

Also under Tipsord, State Farm has announced their Green Mission to "lead by example" in environmental philanthropy.[22][23] However, Ceres found that State Farm invests billions of US dollars to finance fossil fuel companies.[24] Others place State Farm's fossil fuel investments at US $22.4 billion.[25] State Farm has not considered climate change as a factor when investing.[26]

References

  1. ↑ "State Farm CEO – State Farm®". State Farm.
  2. ↑ "2022 Fortune 500". Fortune 500.
  3. ↑ "Fortune Magazine". Fortune.
  4. ↑ "Facts + Statistics: Insurance company rankings | III". www.iii.org. Retrieved 19 January 2020.
  5. ↑ "Summer-Fall 2019 Illinois Wesleyan University Magazine". Issuu.
  6. ↑ "Illinois Department of Financial and Professional Regulation". ilesonline.idfpr.illinois.gov.
  7. ↑ "Illinois Attorney Registration". www.iardc.org.
  8. ↑ "Arizona State University" (PDF). asu.edu.
  9. ↑ "Michael Tipsord Wiki – State Farm CEO Email Id & Net Worth". ListOfCEO.com. July 6, 2018.
  10. ↑ "End of an era: Tipsord new CEO at State Farm". Pantagraph Newspaper.
  11. ↑ Bronson, Caitlin. "Chief of State Farm resigns after 30 years". Insurance Business.
  12. ↑ Berman, Nat (July 17, 2018). "10 Things You Didn't Know About State Farm CEO Michael Tipsord". Money Inc.
  13. ↑ "State Farm boss got what could be largest cash payout of any U.S. CEO last year". Crain's Chicago Business.
  14. ↑ Stock, Eric (December 28, 2023). "State Farm names new president as Michael Tipsord nears retirement". WGLT. Retrieved January 1, 2024.
  15. ↑ "Brookings Institution Board of Trustees". brookings.edu.
  16. ↑ "University of Illinois College of Law Advisory Board". law.illinois.edu.
  17. ↑ "Securities and Exchange Commission". sec.gov.
  18. ↑ "SEC EDGAR". sec.gov.
  19. ↑ "Wharton School of Business". wharton.upenn.edu.
  20. ↑ "State Farm Insurance Company Profile". Fortune.
  21. ↑ "State Farm to Close 11 Offices, Displacing 4,200 Employees, After 2016 $7B Loss". Insurance Journal.
  22. ↑ "State Farm Green Policies". State Farm.
  23. ↑ "State Farm Green Initiatives". State Farm.
  24. ↑ "Assets Or LiabiLities? Fossil Fuel investments of Leading U.S. insurers" (PDF). Ceres.
  25. ↑ "Top 10 US Insurance Companies Invest $51 Billion In Fossil Fuels". PR Presswire.
  26. ↑ "Insurance industry needs to dump fossil fuels, says watchdog group". Insurance Business Magazine.
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