The SFM Mutual Insurance Co. Board of Directors has named Terry Miller President and Chief Executive Officer of the organization. Miller’s promotion, effective November 5, is the result of a leadership succession strategy that has been in motion since 2015.
Miller has worked at SFM for over 30 years, serving as the company’s original controller. He has since risen through the ranks, becoming Vice President of Accounting, Vice President of Finance, then Senior Vice President and CFO. Since April, 2016, Miller has held the position of Executive Vice President and Chief Operating Officer.
“Terry has been an instrumental part of SFM’s success for many years,” said SFM Board Chair Robert Mars. “His experience, knowledge and vision make him the ideal person to lead the organization into the future.”
Terry Miller’s appointment comes as SFM President and CEO Bob Lund steps down after leading SFM since May 2007. After a remarkable tenure of leadership at SFM, Lund has chosen to enter a new “career adventure” in private law practice that will allow him to perform pro bono work in the elder law area, among other services.
“SFM has been very fortunate to have strong leadership during its history and Bob’s tenure as CEO has been exceptional,” said Mars. “Under his thoughtful guidance, the company has seen unprecedented growth and risen to new heights of success.”
Before his 12-year stint as President and CEO, Lund was Vice President and General Counsel. During his time at SFM, he said he’s enjoyed working together with employees to develop a culture of caring for customers and the community at large.
“SFM is in great shape to do even better things in the future,” Lund said. “Terry’s deep experience and commitment to service excellence will serve SFM and its policyholders well.”
Miller credited Lund with taking SFM’s emphasis on service to a new level.
“I am thrilled and at the same time humbled that the board chose me to be SFM’s next CEO,” he said. “I plan to follow in Bob’s footsteps and keep moving us forward as the leader in service excellence.”
Miller is a Certified Public Accountant and holds the Chartered Financial Analyst designation. He serves on the Board of Directors of the Minnesota Workers’ Compensation Reinsurance Association, The Insurance Federation of Minnesota and Small Sums, a Saint Paul, Minnesota-based nonprofit. He recently was on the board of the Minneapolis Urban League. He’s also a member of the Minnesota Society of CPAs, the American Institute of CPAs, the CFA Institute and the Insurance Accounting and Systems Association. Miller graduated with honors from the University of Minnesota-Duluth with a bachelor’s degree in accounting and received a master’s degree in business administration from the University of St. Thomas.
“Terry’s exemplary history with the company and his involvement in every aspect of the operation over the past three decades assures SFM, their agent partners and their clients that the company has a great leader in position for the future,” said Mars.