State Farm CEO Michael Tipsord has been chosen to succeed former CEO Edward Rust, Jr. as the Chairman of the Board for the Bloomington-based insurance giant.
The unanimous decision was part of a succession plan following Tipsord's promotion to CEO last year. Rust served as CEO for 30 years and Chairman for 28 years, the longest anyone has served in those capacities at the company. The decision severs ties between Rust and State Farm. Tipsord has been with State Farm for 28 years, where he has also served as CFO, COO, and President.