By Eric Stock
BLOOMINGTON – One year after retiring from the CEO post that he held for 30 years at State Farm, Ed Rust Jr. now has relinquished the position of Chairman of the Board for the insurance giant.
The State Farm Mutual Board of Directors unanimously elected CEO Michael Tipsord on Monday to the position of Chairman of the Board.
Tipsord replaced Rust as CEO last September. Rust is scheduled to retire on July 1.
“It has been a true privilege to work with Ed,” said Tipsord in a news release. “For over 30 years, he led our company and became the very personification of State Farm.”
Tipsord joined State Farm in 1988. He was named vice president and assistant treasurer in 1998, vice president and treasurer in 2001, and senior vice president in 2002. He was named chief financial officer in 2004, chief operating officer in 2011 and was elected to the office of president in 2015, and succeeded Rust as CEO later that same year.
Rust, 65, began his State Farm career in 1975. He is the company’s longest serving CEO and chairman. He was named CEO in 1985 and chairman in 1987.
“This is a continuation of the succession plan we put into place last year with Michael’s move to CEO,” said Rust. “Michael’s strong leadership, supported by the leadership team he has built, is laying a strong pathway for the continued success of this great company. I am excited for Michael and for State Farm, and for what the future holds for our customers.”
Tipsord is an Illinois native who received a bachelor’s degree from Illinois Wesleyan University in Bloomington and a law degree from the University of Illinois at Urbana-Champaign.
“Working together with our Board of Directors, a strong leadership team and State Farm agents and employees, we are building on the strong foundation we’ve inherited so the incredible State Farm success story will continue to be told,” Tipsord said.
