Chip joined the Air Force in December 1950, earned his Princeton degree, and married Helen Forkner in 1952; he was discharged from the service two years later. He then joined the Ford Division of Sperry Rand while attending the Columbia University Business School at night, earning an MBA in 1958. That same year he joined the financial-planning department of the CBS Television Network in what was to become his 30-year career with CBS. He retired in 1988 as vice president, finance, for CBS Records International and moved to Pinehurst, N.C., in 1991. He took up golf and joined the local alumni group, which included Parker Hall, Edgar Lawton, and Ray Maxwell.
Farrell died March 10, 2018, in Southern Pines, N.C., and was survived by his wife, Pamela; his sons, Bill and Chris, and their families. His sister, Katherine Pierce, predeceased him.