So about 12-13 years ago I told everyone I was the bridge to something else. I told you we had the best claims workforce in the industry, without exception, but the cost of this was too expensive and we didn't need to be that good, but just good enough. I told everyone the days of working at SF for 35 years and retiring was over. I told you most people will never finish their careers at SF and it will just be a place for you to get some work experience and move on to something else. I told you to stop questioning decisions because the people that designed the future state model are much smarter than you. I conned everyone to move to a Hub City or long term growth facility just to turn around and close more offices. I told you our systems could never support a WFH workforce and oops we did it in a matter of days. I artificially lowered rates, bought tons of horrible policies and proceed to loose $27 billion in two years. I then gave myself record bonuses of $20 million and $24 million, the highest of any CEO in America. I cried a lot telling you I had to prove my business model worked and completely trashed the company before I retired. I effectively replaced the entire workforce with burger flippers and the 2040 crew. To cover my tracks and all the horrible things I did, I just "good ole boy'd it" and hired my long time buddy to finish the destruction. You miss me yet? It only get's better from here! Dang it hold on...my secretary if pregnant again....
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We have a great pipeline of may if their kids waiting in the wings.
Ed got catfished and let the Fox into the hen house. MT, JF and all the other little minions are just pathetic little dweebs that got wedgies in high school. They went to mediocre colleges, have never actually held real jobs in our industry. They get everything from a text book, motivational speeches, or a consultants tells them what they want to hear and how to think. Complete posers, fake, scam, invalid, and overall incompetent id--ts that have no business leading a snow cone stand much less State Farm. Pathetic!
@py you are partially correct. The CEO has significant influence over strategy but still needs the support of the board. The Board at any time can replace the CEO with a vote. As I stated below the CEO compensation is determined by a separate compensation committee of board members and discussed and ultimately voted on by the Board with the CEO/president not present. The CEO does not unilaterally select board members. There is a nomination committee tasked with identifying future board members. The President of the Board gets one vote, just like other board members.
Chairman of the Board...MT was the Chairman of the Board .... Also the President of the Company and the CEO. He voted on his own pay and set the agenda for the company.
@nm Let me make it simple for you. The compensation committee of the Board determines CEO pay and the entire Board excluding the CEO vote on it. And the Nomination committee of the Board makes recommendations for Board members and the entire Board votes and a majority is necessary to select another Board member, not the CEO or President of the Board.
No Rust is not on the board and hasn't been for many years. Dope! An MT was Chairman of the Board. He made himself, President, CEO and Chairman of the Board. Let me make it simple for you, he approved his own raises and compensation package! He can also select or remove board members as Chairman! Its why SF is a crooked scam...no company...ever let's that happen. Too much of a conflict of interest and too much power for one person.
OP: for someone who acts like they know, its not the CEO who awards their own bonus, its the board of directors, who hired the CEO, that gave that awful CEO tens of millions of dollars for destroying legacy SF so quickly and permanently. Its the board....isnt rust on the board? Let this sink in.
I mean people were predicting this back when rust jr was in charge. Writing was on the wall, rust was great and all but let this problem fester to save face, and put heartless people in charge of seeing the change happen in his absence.
Here we are now, with heartless executives looking for any way to get rid of their awful costs (human capital) willing to hire off shore and use AI to rid themselves of their human capital.
We could have this transformation the smart way, and protected the good workers and people who made the SF culture, rather than destroying the culture first.
Now look at us, were #2, nothing different between us and the general and other cut rate insurance companies, no culture, inexperienced and under trained workforce thats extremely compartmentalized to the point it takes more people to get something done than before our great "transformative growth" which is executive speak for "we dont want to be #1 anymore, and are tired of trying"
But yeah i miss legacy state farm, selling that off was a crime, we will never get back that old culture, and a system that worked for everyone involved.
Ohh and don't forget I promoted Mini - Tip to VIP before I left. That is a bright dynamic one for sure.
Glad we have some lineage to carry it forward.
Best year of my life were under his leadership. Great pension. Recorded bonuses. Great raises. Miss those days.
I do miss the crying.....really showed us how much he cared!!! Man was a mentally re-arded id--t that probably deserves jail time. Funny how Ed walked around and sat with people in the lunch room. MT had to be escorted by armed security and would not get on elevators with other people..... That pretty much defines his net worth/career in this world! Zero!