No, his company is not as big as Buffett's Berkshire Hathaway, which is ranked 13th on the Fortune 500, but State Farm, where Rust is longtime CEO, does occupy the 31st spot, up one from last year.

Feb. 29-- BLOOMINGTON-- Retired State Farm CEO and chairman of the board Ed Rust, Jr. earned $13.34 million in 2015, an increase of 3.7 percent from the $12.86 million he earned in 2014.. On ...

State Farm President and COO Michael Tipsord will become CEO in September, bringing the "end of an era" of having a Rust in charge of the Bloomington-based insurer.