State Farm is naming the next CEO to lead the Bloomington insurance giant

John Farney, president of the Bloomington-based insurer, was selected Thursday as the company’s next CEO by State Farm Mutual’s board of directors.

He will succeed retiring CEO Michael Tipsord on June 1.

“It is a privilege to follow Michael as CEO of this great company and to lead an incredible team of more than 19,000 independent contractor agents and 65,000 employees who are committed every day to serving our customers,” Farney, 53, said in a prepared statement from a company. “We will strive for continuous improvement so that we are able to help even more people manage the risks of everyday life, recover from the unexpected and realize their dreams.”

Farney, a graduate of Illinois State University, has been with State Farm since 1993 and has held several management positions. He was named senior vice president, treasurer and chief financial officer in January 2016 and succeeded Tipsord as president of the company earlier this year.

Tipsord has served as CEO and President since his appointment in 2015 after beginning his career at State Farm in 1988. He was elected Chairman of the Board of State Farm Mutual Automobile Insurance Company in June 2016 and Tipsord will continue to serve as chairman.

“John and I have worked together for many years. I’ve seen how much he cares about State Farm, how much he cares about the people at State Farm, how he solves problems and how focused he is on taking care of our customers,” Tipsord said during a meeting with State Farm leaders Thursday.

He said Farney has played a key role in the company’s strategy over the past several years, and the two emphasized “the importance of State Farm’s mission to help people,” according to a company release.

“With great minds, good hearts and wonderful people, there really is no place like State Farm,” Tipsord said. “I know the best days for this incredible organization are yet to come.”

This story may be updated.