![]() The company has announced job cuts in information technology (IT) and State Farm Bank. In March, State Farm reported its second-straight year of operating losses for its property-casualty insurance businesses, as the company pledged to get leaner and make significant internal changes. Those compensation packages vary in structure but generally include a base salary, bonuses or performance-based incentives, and sometimes stock awards. Allstate Chairman, President, and CEO Tom Wilson’s total compensation in 2017 was $17 million, SEC filings show. Liberty Mutual Chairman and CEO David Long’s total compensation in 2017 was $19.7 million, according to a filing with the Massachusetts Division of Insurance. Progressive President and CEO Tricia Griffith’s total compensation in 2017 was $9.3 million, according to SEC filings. Tipsord also makes less than several of his CEO peers in the insurance industry, according to public records and financial documents reviewed by GLT. He was named chief financial officer in 2004, chief operating officer in 2011. He was named vice president and assistant treasurer in 1998, vice president and treasurer in 2001, and senior vice president in 2002. ![]() Tipsord’s at-risk incentive compensation is “based on our financial results, growth, customer retention, and employee satisfaction for the three years prior to the year of compensation,” said Camoriano. ![]() This structure links performance and compensation,” company spokesperson Jim Camoriano said in an email. “State Farm maintains a competitive, market-based compensation structure for all associates within the organization. ![]()
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