By Eric Stock
BLOOMINGTON – State Farm announced long-time chairman and chief executive officer Edward Rust Jr. will retire as CEO in September.
The insurer said in a news release State Farm’s president and chief operating officer Michael Tipsord will succeed Rust.
Rust said during a company-wide telecast the State Farm Mutual Board of Directors had unanimously agreed with his recommendation to elevate Tipsord. Rust, who has served as CEO the past 30 years and who turns 65 this summer, will continue as chairman of the board.
“Michael has a deep understanding of the opportunities and challenges emerging in our rapidly changing marketplace,” Rust said in a statement. “During his 27-year career with our company, he has been a key leader in driving our continued growth and success. In a strategic partnership, Michael has helped me chart State Farm’s future course as we evolve to meet the ever-changing needs of customers in an expanding and evolving marketplace.”
State Farm is the nation’s leading insurer of vehicles and homes. This year the company became the largest provider of individual life insurance policies in the United States.
“It has been a privilege to work with Ed, who has dedicated himself to making sure State Farm continues to be the leader,” Tipsord said. “I am honored to have this opportunity to lead State Farm and carry forward our core mission of helping people. This great organization is blessed with a strong leadership team and State Farm associates who are committed to helping our customers live confidently every day. Together, I am confident we will continue to grow State Farm even more, allowing us to help more people and help them in more ways.”
Eric Stock can be reached at [email protected].
