Rather he focused on his education, which was a point of emphasis in his family. Rust Sr., joined State Farm in 1941, succeeded him as CEO in 1967, and was named chairman in 1983.Īccording to Edward Rust Jr., his goal while growing up was not one day to work for State Farm. Mecherle's son, Raymond, took over the presidency of the company in 1937, and when Raymond died in 1954, Adlai Rust took over as chief executive officer. Rust, was a young lawyer when he helped Mecherle found State Farm and became his right-hand man. By 1942 State Farm was the largest auto insurer in the country.
STATE FARM ED RUST DRIVERS
State Farm soon covered city drivers as well and in 1929 added life insurance. He also signed agreements with the state farm bureaus, which received a fee for each of their members who purchased policies -hence the State Farm name. By linking insurance rates to risk levels, Mecherle was able to offer much lower premiums than his competitors. His idea was to form a mutual insurance company for rural and small-town drivers, who paid higher premiums than urban drivers despite having fewer accidents. The company was founded in 1922 by George J. When Rust was born in 1950 in Chicago, his family was already deeply involved in the affairs of State Farm. Bush's transition advisory team on education. In addition, he was the cochairman of the Business Coalition for Excellence in Education and was a member of President George W. Rust served as a trustee of his alma mater, Illinois Wesleyan University, and was a member of the Business Advisory Council of the University of Illinois College of Commerce and Business Administration as well as a member of the advisory council of the Stanford University Graduate School of Business. Rust, who held advanced degrees in business administration and law, became devoted to the advancement of education in America and instrumental in State Farm's contributions in this area, in terms of both money and the time of its employees. One of those values was respect for education. However, despite a lifelong association with State Farm, Rust maintained that growing up in the Midwest and learning rural values provided a moral foundation that would become more important to his achieving success as a chief executive. Having been associated with the company his entire life, Rust was well steeped in the mutual insurer's corporate culture, which placed a great deal of emphasis on serving policyholders, who were the legal owners of the company, and avoiding spending money unnecessarily. became the chairman and chief executive officer of State Farm Insurance Companies.
■ Like his grandfather and father before him, Edward B.
(former chief executive officer and chairman of State Farm Insurance Companies) and Harriett (Fuller) Rust married Sally Buckler children: one.Ĭareer: State Farm Insurance Companies, 1975 –1981, corporate attorney 1981 –1983, vice president 1983 –1985, executive vice president and chief operating officer 1985 –, chief executive officer 1987 –, chairman.Īddress: State Farm Insurance Companies, State Farm Plaza, Bloomington, Illinois 61710-0001. Chief executive officer and chairman, State Farm Insurance Companiesīorn: August 3, 1950, in Chicago, Illinois.Įducation: Illinois Wesleyan University, bachelor's degree, 1972 Southern Methodist University, MBA, 1975, and JD.įamily: Son of Edward Barry Rust Sr.
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