BLOOMINGTON, Ill., June 13, 2016 /PRNewswire/ -- Today, the State Farm Mutual Board of Directors unanimously elected CEO Michael Tipsord to the position of Chairman of the Board. Tipsord succeeds outgoing Chairman Edward B. Rust Jr.
"It has been a true privilege to work with Ed," said Tipsord. "For over 30 years, he led our Company and became the very personification of State Farm."
Tipsord joined State Farm in 1988. Following service in various positions, he was named vice president and assistant treasurer in 1998, vice president and treasurer in 2001, and senior vice president 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, and succeeded Rust as CEO later that same year.
Rust began his State Farm career in 1975 and is the company's longest serving CEO and Chairman, having been named CEO in 1985 and Chairman in 1987.
"This is a continuation of the succession plan we put into place last year with Michael's move to CEO," said Rust. "Michael's strong leadership, supported by the leadership team he has built, is laying a strong pathway for the continued success of this great company," Rust said. "I am excited for Michael and for State Farm, and for what the future holds for our customers."
Tipsord serves on the board of directors for Navigant Consulting, Inc. and is a trustee of the Brookings Institution. He is also a member of the dean's advisory board for the University Of Illinois College Of Law.
A native of Illinois, Tipsord received a bachelor's degree from Illinois Wesleyan University in Bloomington and a law degree from the University of Illinois at Urbana-Champaign.
"I am excited to be leading the current generation of State Farm associates who are guided by our mission to help others, and I am honored to have this opportunity to serve as Chairman of the Board," Tipsord said. "Working together with our Board of Directors, a strong leadership team and State Farm agents and employees, we are building on the strong foundation we've inherited so the incredible State Farm success story will continue to be told."
About State Farm®:
State Farm and its affiliates are the largest provider of car insurance in the U.S. In addition to providing auto insurance quotes, their 18,000 agents and more than 65,000 employees serve over 83 million policies and accounts – nearly 81 million auto, home, life, health and commercial policies, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available.
State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 35 on the 2016 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
State Farm Bank®, Bloomington, Illinois, is a Member FDIC and an Equal Housing Lender. Insurance, annuities and securities products offered by affiliate companies of State Farm Bank are not FDIC insured, are not guaranteed by State Farm Bank, and are subject to investment risk, including possible loss of principal.
Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact State Farm VP Management Corp (1-800-447-4930) for a prospectus or summary prospectus containing this and other information. Read it carefully. Investing involves risk, including potential for loss. State Farm VP Management Corp. is a separate entity from those State Farm entities which provide banking and insurance products.
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SOURCE State Farm