Michael Tipsord, State Farm president and chief operating officer, will succeed Edward B. Rust Jr. as chief executive officer in September. The State Farm Mutual Board of Directors unanimously agreed with Rust’s recommendation to elevate Tipsord, Rust said. Rust 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. "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."

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