Thread regarding State Farm Insurance layoffs

WhAt Coc did MT break?

MT breaking the Code of Conduct will likely get him nothing but a high five. Nothing is done when any management breaks the Code of Conduct, unless they are already being targeted. COC is just a bunch of tests they have you take each year, so the company can say that employees were informed. Go ahead. Report a violation and see what happens. YOU will become a target yourself.

MT gets a $340,000 raise for 903,000 lost auto policies, continued underwriting losses, and employee morale going down the toilet. It's good to be king.

State Farm Chairman, President and CEO Michael Tipsord’s total compensation in 2017 was $8.5 million, according to documents filed with the Illinois Department of Insurance. That includes a $1.6 million base salary and a $6.9 million incentive-based bonus.

I was aware of the compensation filings with the Nebraska DOI, but I believe it requires a FOIA request to receive those. I learned josephmbelth.com often publishes the results of its FOIA in June. After a bad year in 2017 I'd love to see how MT was rewarded. It's disheartening to see the Pantagraph and other local media so meek and deferential by not pressing for this info.

His pay is based on base plus bonuse relating to metrics of growth, financial goals and employee and customer satisfaction

Nebraska has a state law whereas executive comp is reported and public annually. Just google it.

Yes still fake. SF has had the same number of jets for close to 25 years. They routinely rotate new for old based on age and service records. This has been going on for over 2 decades. There is no news here. Sometime in the future they will swap them out again whether Tipsord is the CEO or not.

I’ll just leave this here. http://registry.faa.gov/aircraftinquiry/Name_Results.aspx?Nametxt=STATE+FARM&sort_option=1&PageNo=1. You will see multiple jets mfr in 2017 when MT decided to make these changes. Need less employees and more jets for MT. MT shouldn’t be compensated for driving them into the ground. Still fake news?

This is from The Insurance Journal in 2007.

“ State Farm Insurance’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week.

Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 million raise. He earned $11.66 million in 2006 with a base salary of $1.77 million and results-based bonus of $9.89 million, the statement said. Rust made $6.4 million in 2005 and $5.5 million in 2004.”

For those who thought ER didn’t fall into the greed cycle as all other CEOs you are mistaken.

From Pantagraph 2/29/16. “ Retired State Farm CEO and chairman of the board Ed Rust, Jr. earned $13.34 million in 2015, an increase of 3.7 percent from the $12.86 million he earned in 2014.” I am sure MT makes more.

First, MS did not retire voluntarily. He was asked to go by the Board because he was incompetent. Bank is a tire fire with many compliance issues. Second, please stay on topic so mods don't delete. I'd love an answer on how much MT made in 2017. The Pantagraph and other local outlets are not reporting it and they fear the Farm too much to press for answers.

We keep hearing this stuff, but I’ve never seen anything remotely close to documentation of any of it.

All fake news.

They may not release it. It’s all hear say but my guess is he will be gone before New Years. He bought 5 new jets for the company and broke code of conduct. I’ll just leave it at that. MT hired a guy to take the fall for most of these decisions and has been a disease for any company. I feel bad for all involved in this soap opera that Ed Rust Jr. created. Ed knew of MT previous transgressions and he STILL groomed him to be the next CEO. Mike Smith the CEO of bank knew once rust retired the sh-- would hit the fan and he retired about 1.5 years later. A lot of instability in executive level that needs rebuilding.