Rust has been CEO for 30 years. He will continue as chairman of the board.
In a statement, Rust said State Farm Mutual Board of Directors had unanimously agreed with his recommendation to elevate Tipsord.
The insurer said neither Rust or Tipsord would be available to speak with media.
"He has carved a path for our community to be as successful as it has been," said
Rust was named CEO in 1985 and is the company's longest-serving CEO. He turns 65 this summer.
"He has been a longtime leader in the insurance industry, and under his leadership
He also congratulated Tipsord.
"I am confident
"He's an institution," said state Rep.
Rust's impact at
Penn said that all
"I hope that
"Ed's been a fixture in the community for many, many years," said
"It's an end of an era," added
"Ed has been a very loyal and active member of the
Wilson said State Farm has provided funds for construction, scholarships and endowed professorships at IWU. He described their relationship as "broad and deep."
"The success of the university has been tied to
"We're ecstatic for both of them," said Wilson.
Groves said State Farm and ISU have "a longstanding partnership" including through
Groves said officials "look forward to working with
"He's just a great guy. He's engaged in his own local community. He's down to Earth. I think that's really served him well in his role as CEO of
Reilly said Rust "is a proud BHS grad, and he's had a significant influence," including helping to create the Illini Data System that teachers use to track and forecast student academic progress.
Reilly said he doesn't know Tipsord but looks forward to working with him. He said Michael is a brother of
This story will be updated.
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