Michael L. Tipsord
Chairman, Board of State Farm Insurance
Education
- graduated with a B.S. degree -
- J.D. degree -
- -
Overview
Tipsord is a registered Certified Public Accountant (CPA)and is a registered attorney in Illinois since November 16, 1984.Tipsord earned the Chartered Life Underwriter (CLU) designation in 1991 and the Chartered Property Casualty Underwriter (CPCU) in 1995.
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.
State Farm announced in December 2023 that Tipsord will be retiring as the company's president in 2024.
Michael L. Tipsord is the chairman of the board of State Farm Insurance ( STFGX )in Bloomington, Illinois. Tipsord replaced Edward B. Rust Jr. as chairman on September 1, 2015. 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.
Early Life
Michael L. Tipsord (born June 20, 1959)
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 (CEO) in 2015.
Career
- State Farm Insurance - chairman
Recognition
Tipsord is a registered Certified Public Accountant (CPA) and is a registered attorney in Illinois since November 16, 1984. Tipsord earned the Chartered Life Underwriter (CLU) designation in 1991 and the Chartered Property Casualty Underwriter (CPCU) in 1995.
Tipsord serves as a trustee for the Brookings Institution think tank, the dean’s advisory board for the University of Illinois College of Law, the board of Navagant Consulting, and has been a featured speaker at the Wharton School of Business