Does anyone know if it's possible for the board to vote him out since we're a mutual company?
I think we all know (including his own directors) that it's long overdue but we just need to know how to make it happen as quickly as possible.
Any advice would be greatly appreciated.
The board fire Tipsturd? They are the one that put him in to be the hammer. They are all in on it because SF is going public. It's all about making this beat up tub look like the Titanic. Remember, how the Titanic was the latest and greatest,most luxurious and state of the art technology. Full steam ahead what could go wrong? SF is the Titanic...it'll only take one iceberg to make her sink. Not enough experienced folks to right her. Bye bye SF and captain Tipsturd.
amen. The board needs to hold leadership accountable. Ten of the board directors made over 250k last year..what did they do?
1q. Up 8,600,000,000 net worth. That’s like $132,000 per employee that we gained in 1Q alone. We have 109,000,000,000 nw. How do we still have 35min hold times in und? And Systems down weekly?
Prog up 1.6 mm cars. The Lizard up 340 k. They have a better mousetrap /model. That much seems now obvious. We gettin a-- whooped again. The Board is sending a message that profits> policies. We should take the same approach. I get the sense something is brewing.
Comments in my humble opinion.
Again, here is where the corporate folks are in their own world. Underwriters, claim reps, sub folks, support employees, we don’t make 6 figures. Not even close, let alone for every underwriter or claim reps there are 4 or 5 clerical folks making much less and working equally hard. Not criticizing the pension at all, but the working people out in the field....corporate doesn’t have a clue what is happening outside their bubble. Shaking my head.
I think you are all missing the point ullz is making. Tipsord is doing exactly what they want him to do . The pension is gold and you should all stop trashing it. That is the point. I worked in several areas and there are a great many employees with 25 to 30 years with total comp for pension call at 75-125000. Most IT people laid off made in that range. And the pension is very very good, overfunded and incredibly valuable.
Good to know about the government guarantee. The Farm pension is one of the strongest pensions on planet- it is not the time to scare people about it.
ughp is only partially correct regarding the pension. It actually depends on the size of your pension. In 1974 the ERISA Act created the Pension Benefit Guarantee Corporation (PBGC). It currently (it is adjusted for inflation periodically) “guarantees” pensions up to approximately $67,000 annually. Sometimes referred to as qualified pension. That amount or less is not dependent on company success. Any pension amount exceeding $67,000, sometimes refereed to as non-qualified, is dependent on the company performing well enough to meet pension obligations. So, the highest earners have the most pension risk dependent on company success.
Previous poster is in fantasy world. 30 year retiree in underwriting. Left at 55. Pension is 1500 per month. Additionally, the pension is NOT tied to future success of the company in any way currently. This is a common scare tactic used by upper management to try to “motivate” or manipulate employees who don’t know any better. Obviously previous poster works in corporate since 30 years in underwriting or claims will not get you to 100k without a ridiculous amount of OT, which, trust me, is not sustainable in a work/life balance scenario.
There is no good reason to fire Tipsord. He is doing exactly what the Board of State Farm has wanted - reduce the work force, develop new models to sell in partnership with agents and leverage new technology to enable all of this.
Those of us let go are just part of it. There is no gloom and doom for the company. But there is a lot of pain for the existing employees. This site serves a good purpose for those of us impacted to see others are in the same boat. But it is not a forum to initiate any real change at the Farm.
And for the record, most employees impacted have earned pension. 10 years at the farm with a five year high average total comp of 100,000 gets you 10-14,000 per year when you retire for life. That is the same as saving between 200,000 and 250,000 in an Ira and distributing at over the remainder of your life. And most people given a package have at least that number of years.
So the real people impacted on this board should be hoping Tipsord and the Farm are successful so their friends have good jobs and we all get the pension we earned.
Five years ago the company decided to become more enterprise-centric, whereas in the past it was more agent-centric and customer-centric. The results since have been akin to Sherman’s March to the Sea regarding morale, customer satisfaction, systems, et al. Insider knew that the company was getting an accountant and lawyer as new chief. One could surmise a metric only mentality , all about the numbers at all costs, and a heavy handed compliance, gotcha culture. Much of the decision making is defensive in nature, similar to defensive medicine where the sales force is stifled, and the operations employees operate under a rote operation. Running operations from HQ with filtered information from generals didn’t work out for LBJ during VietNam. It’s amazing how little they know is going on in the trenches as evidenced by the meeting with execs recently.
Bump
I will take PS and give you the field.
I think the new executives to State Farm in ET are being groomed
Its a vacuum in succession planning. MTwas groomed into the role over a few years....shoulda got that girl who went to ISU...you know. The one who is kicking a$$ over at progressive as CEO
Yes, if by ET you are thinking extra terrestrial. No if you are thinking enterprise technology, previously known as systems and before that data processing-which is the most accurate description.
Who do you think would be next in line. Could it come from ET?
Maybe they need the Steele dossier.
@YKmr662-9hsr mo--n. Obviously the CEO isn't visiting a forum like this. Stop posing as him and get a life.
Brilliance. Execution. Virility Dominance. Tipsord.
I’am sorry what does “it was also an agent” mean?
It was also an agent. ....
Is there an annual election by the directors?
Get real. The policyholders have no reason to revolt--they have lives. And Tipsord chairs the board that would have to dismiss him.
Tippy is going nowhere. He controls the votes as CEO. Only way he goes is if the market starts to tank, similar to our continued bleeding of policies, and the investments no longer put perfume on the stink from the loss of policies. That is the only way the board will even consider getting rid of him, but he still will have the votes. If he is ever forced out, the buyout will be ridiculous
The CEO reports to the Board. At SF the CEO is also the President and Chairman of the same Board. The Chairman recruits the Directors to the Board. No independence.
@YKmr662-wlz would a performance based ouster be possible? Why is it highly unlikely?
Yes, it’s possible for the board to vote him out, but highly unlikely. If you want to get him out, you could try to start an uprising among policyholders asking why the mutual company they own needs $100 billion in reserves and demanding that money back as dividends.