Read this article about the salary for Sir Tipsord. $24 Million! And the rest of the organization being told to cut more costs and do more with less. This is an interesting time indeed!
https://www.chicagobusiness.com/insurance/state-farm-ceo-michael-tipsord-got-245-million-cash-payout-last-year
Looks like patching all those roofs last couple of years paid off.
More reasons here why insurance definitely needs to be heavily regulated. Right up there with regulating the government.
Sure CB. People want to listen to your same old nonsense vs Buffet. Hahahahaha.
Data exploiters and price gougers unite.
Buffet and big Industry and SF way. SF gets way too much credit and deceives like Industry does
Time for the workers to unionize and start closing the gap in pay between the greedy executives and their underpaid employees.
Of course the board approved it they themselves are CEO’s and high paid executives of other major companies
Buffet at his annual meeting last weekend spent more time talking about and praising SF than he did GEICO. He admitted they will not over take SF anytime soon and now are losing out to Progressive. He also said Progressive’s capital strength is 1/6’of SF’s.
Just think....This kind of bonus money and people say "He's worth it." Then, think of 250 million pay out in RICO suit they say was a business decision. 🤔 Do they comprehend the value of the customers money? If they are not guilty of abusing the privilege of being good stewards of the customers money, how in the world can they substantiate such ethics? I truly believe they have none.
@2fvj-nope. Just cleaning up the inaccuracies posted by @1ltm.
Don’t believe there is dispute about no stock at SF? Been that way for a 100 years and will continue that way for the foreseeable future.
@1spc Of course he doesn't get paid with stock options, since he's the CEO of a Mutual Company and there is no stock.
@1spc....OK, so the CEO of a top 40 company is ranked #92 in CEO pay. So I guess you're saying he's underpaid?
Hmmm, not sure what list you are looking at. The Chicago Tribune recently reported top 100 U.S CEO’s in 2021 and has Tipsord at #92. If you include just cash compensation (no stock he is #1.) If you include stock options you are correct he is not in the top 100.
Took almost no effort to look up the 100 highest paid CEO’s in the US. He’s not on the list. Also looked up the 10 highest paid insurance CEO’s. He’s not on that list, either.
That is the way we picked ‘‘em for the first 75 years of the company-white and male only.
When you pick a leader by race or gender you are a racist. PERIOD!
Get over it, he is likely the most underpaid employee in the company.
He is the perfect leader for our Bigot Farm.
No leadership, just greed. It's sickening and unethical for a mutual company leader to enrich himself. It would be one thing if he improved the company and cared for workers but he don't.
Not the way a mutual company should operate.
Not saying it’s right. It’s kind of sick. But it’s right on par with the rest of corporate America.
Probably should have put some of the 24 million towards life company dividends it is a train wreck, we use to be in top 25 in Life Insurers.
Who is Rico?
RICO lovers unite
He and everyone of his leadership team and board and consultant pals and relatives all in each other's pockets are not worth it.
24 million for a mutual company CEO is obscene. Unlike CEOs of publicly traded corporations he has no pesky shareholders, let alone activist investors, to deal with. If State Farm is so flush with cash they should cut rates further or return more dividends to policyholders. It is a mutual company, after all.
Tipsord was lucky to ride the COVID wave that led to reduced driving due to remote work and many staying at home in general. He also benefitted from a robust investment environment in 20-21 buoyed by rock bottom interest rates and fiscal/monetary stimulus. He just happened to be in the right place at the right time.
I'm happy I left that company and removed all my policies and accounts from them. They get nothing more from me. I met some great people there, some friends for life, but I'm much happier without the Farm.
That pay is only 92,000 a day.
This is what is in the leadership not only at SF but in corporate America. It is also running our country. The time for change is coming and it surely won't be pretty for the elites. Mark my word.
He is obviously worth it or the board would not approve it. Same with the EVPs.
It's all about me. Take care of yourself. It's a business decision. You need help (if you believe in a narrative other than theirs). Minions. Kids. Claim sc-m. That's how they talk. What do you expect?
Highest cash payout in America! Hits different when literally every decision made is through the lens of cutting costs…