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State Farm's Rust Sees Big Compensation Boost

Mon, 03 Mar 2014 16:54:01 CST
By: Charlie Schlenker

State Farm CEO Ed Rust Junior received a nearly two million dollar boost to his compensation last year. The company indicates that does not relate to the large gains in the company's net worth in 2013. Rust's package of $11.56 million last year is based on a three year average from 2010 to 2012. His base salary is unchanged since 2001 and State Farm says the rest is bonus tied to financial results, growth, customer retention, and employee satisfaction. In the period, State Farm also began a mammoth strategic repositioning that has resulted in new developments in several southern and western cities. Rust's compensation grew about 20% last year.

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