Edward Rust Jr. is stepping down as CEO of State Farm Insurance after 30 years leading the nation’s largest home and auto insurer.
Another company veteran and alum of Illinois Wesleyan University, Chief Operating Officer Michael Tipsord, will succeed Rust in September, State Farm announced today.
Rust, 65, will continue to chair State Farm’s board.
The leadership transition marks the end of an era for the Bloomington-based giant, which saw its equity increase eightfold during Rust’s tenure at the helm, the longest in the mutual insurer’s 93-year history. Rust joined State Farm 40 years ago. Tipsord will be just the sixth CEO State Farm ever has had.
State Farm would be one of the largest corporations in the U.S. if it were publicly traded. Its equity stands at about $80 billion and it issues more than 82 million insurance policies and financial accounts.