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."
Tipsord joined State Farm in 1988; he was named VP and assistant treasurer in 1998, VP and treasurer in 2001, and SVP 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. He is a member of the board of directors of State Farm Mutual Automobile Insurance Company and its principal affiliates and he serves on the board of directors for Navigant Consulting Inc. Tipsord is an honorary trustee of the Brookings Institution and a member of the dean's advisory board for the University Of Illinois College Of Law. He received a bachelor's degree from Illinois Wesleyan University in Bloomington and a law degree from the University of Illinois at Urbana-Champaign.
"It has been a privilege to work with Ed, who has dedicated himself to making sure State Farm continues to be the leader," said Michael Tipsord, president and chief operating officer. "I am honored to have this opportunity to lead State Farm and carry forward our core mission of helping people. This great organization is blessed with a strong leadership team and State Farm associates who are committed to helping our customers live confidently every day. Together, I am confident we will continue to grow State Farm even more, allowing us to help more people and help them in more ways."
Rust is the company's longest serving CEO, and has served in that role since 1985. Since then, the financial strength of the organization has grown to more than $80 billion from $10 billion; and the company has grown to serve more than 82 million policies and financial services accounts from 45 million policies.
