10 Things You Didn’t Know About State Farm CEO Michael Tipsord

When it comes to insurance, there are only a select handful of names that you could say people know and truly trust. State Farm is one of those insurance companies, and in the 96 years that it has been around, the insurance company has proven to be one of the best. In all those 96 years, State Farm has only had six CEOs, and the latest one on the short list is Michael Tipsord, who only took on the reins since 2015. His predecessor, Edward B. Rust, Jr. was CEO for 29 years and his father was CEO for 14 years prior. Tipsord is gearing up for many years of being the company’s CEO, so here are 10 things that you should know about him now.

1. Since 1988

Tipsord started working for State Farm back in 1988. That’s a good 30 years of working for the same company before he became CEO. Throughout his career there, he’s served in a number of leadership roles including chief financial officer, chief operating officer, and vice chairman of the board.

2. Illinois native

Tipsord went to school in Illinois given that he was born and raised there. He attended and received a Bachelor’s Degree from Wesleyan University in Bloomington, Illinois. After that, he received his law degree from the University of Illinois at Urbana-Champaign.

3. Titles

Tipsord earned his Chartered Casual Property Underwriter designation back in 1995 and the Chartered Life Underwriter designation back in 1991. He also happens to be a Certified Public Accountant.

4. Memberships

Tipsord serves as member for the dean’s advisory board for the University of Illinois College of Law. He also happens to be a member of both the American Bar Association and the Illinois State Bar Association. In addition, Tipsord is on the board of directors for a company known as Navigant Consulting, Inc., and he is a trustee of the Brookings Institution.

5. Charitable

Tipsord has been known to support his alma mater greatly above and beyond just serving as board member for the law school. He has been known to donate quite large sums of money to his alma mater, Wesleyan University. In fact in 2015, he was reported to have donated anywhere from $10k to $25k to the institution. We’re not sure where that money had been allocated or what purpose the donation had been given for.

6. Compensation

It certainly pays to be CEO, but probably not as much as we all would’ve expected. For Tipsord, his reported salary for 2016 of $8.16 million is not as high as some other CEOs in the insurance industry. However, that same year, the company reported a lot of loss of about $7 billion. That’s quite a large drop for his first year of being CEO.

7. Working with Rust

Rust, having been CEO for so many years before Tipsord took over, had State Farm at the top of the game for so long. The transition of Tipsord to the role was something the company had been preparing for, and Rust had worked with Tipsord to chart the course of State Farm’s future before Rust stepped down officially.

8. Community action

Tipsord’s vision for State Farm includes having the company involved in the community even more than it is now. He strongly believes that a company of their magnitude should be more than just a provider of jobs; they need to be a positive force in the community. He believes in forming partnerships more than anything in order to achieve this goal.

9. Political contributions

Tipsord is an avid political contributor, and he has supported many Republican and Democratic candidates for many years now. Some of the Congress and Senate candidates that he has supported financially included Republican candidate Mitt Romney for President back in 2012 and Democratic candidate Ben Nelson back in 2012 as well. In 2016, he reportedly spent a sum of $18,700 towards political contributions.

10. Law degree

Being on his position, Tipsord sees his name on court documents quite a bit from various people and organizations suing him and his company for various reasons. It sure helps that Tipsord is a JD and knows the ins and outs of the court system. All those years studying the law surely has paid off, and it also makes sense given that he serves as board member for the American Bar Association as well. There are many public documents showing Tipsord on the defendant line, but it seems he handles it all just fine.

Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Yandex
20 Things You Didn’t Know About Yandex
Russell glass
10 Things You Didn’t Know About Russell Glass
insurance
20 Things You Didn’t Know About Marshmallow
electric bike
20 Things You Didn’t Know About VanMoof
Snowflake Stock
Is Snowflake Stock a Solid Long Term Investment?
grocery shopping with credit card
The 10 Best Credit Cards for Groceries in 2021
credit cards
The 10 Best First Credit Cards To Get in 2021
American Express
Ranking The 10 Best Amex Transfer Partners
lavender field
10 Lavender Farms You Need to Visit in the United States
Skiing
What Is the Epic Pass for Skiers and Is it Worth It?
tulip farm
10 Amazing Tulip Farms to Visit in the United States
Ruby Falls
10 Awesome Caves To Visit in Tennessee
2022 Subaru Forester Wilderness
A Closer Look at The 2022 Subaru Forester Wilderness
A Closer Look at The 2022 Subaru WRX
Lincoln's New Sleek Concept Car
A Closer Look at Lincoln’s New Sleek Concept Car
"Arosa" - The Supercar of Hovercrafts
VonMercier Reveals “Arosa” – The Supercar of Hovercrafts
Speake-Marin Legerete
The 10 Best Speake-Marin Watches of All-Time
Sinn U1 DS Limited Edition
A Closer Look at the Sinn U1 DS Limited Edition
Casio Vintage X Pac-Man A100WEPC-1B
A Closer Look at the Casio Vintage X Pac-Man A100WEPC-1B
A Closer Look at the Bell & Ross Diver Blue
Brian Chesky
How Brian Chesky Achieved a Net Worth of $13.1 Billion
Bob Woodward
How Bob Woodward Achieved a Net Worth of $15 Million
Andrew Dice Clay
How Andrew Dice Clay Achieved a Net Worth of $10 Million
Ricky Martin
The 10 Richest People in Puerto Rico