BLOOMINGTON, Ill. (AP) - State Farm Insurance Cos. announced Thursday Chief Operating Officer Michael Tipsord will become its next chief executive, succeeding Ed Rust Jr., who has led the private company since the mid-1980s.
The Bloomington-based insurance and financial company said in a news release Tipsord will take over in September from Rust, who has held the post since 1985. Rust, 64, will remain chairman of the company's board.
"Michael has a deep understanding of the opportunities and challenges emerging in our rapidly changing marketplace," Rust told State Farm employees Thursday. "During his 27-year career with our company, he has been a key leader in driving our continued growth and success."
Tipsord joined the company in 1988. He became a vice president in 2002 and chief financial officer in 2004 before taking his current job in 2011.