The Greater Des Moines Committee has announced the 2022 inductees to the Iowa Business Hall of Fame: Reynolds Cramer, CEO of Fareway; Elizabeth "Liz" Garst, president of Greene Investment Co.; and Rick Tollakson, president and CEO of Hubbell Realty Co.

The inductees, announced in a press release, will be honored during the Greater Des Moines Committee’s Annual Induction Event on April 26 at the Meadows Events and Conference Center. The Iowa Business Hall of Fame honors the achievements of Iowans who have made outstanding contributions to the development and enhancement of Iowa’s business climate.

Reynolds Cramer
Reynolds Cramer’s 34-year history with Fareway dates to when he began working at 16 years old, according to the announcement. After working in several leadership roles, Cramer was elected CEO of Fareway Stores Inc. in 2014. With Cramer as CEO, Fareway’s employee count has grown from just over 9,000 to more than 12,000 with over $215 million paid in employee wages in 2022. In the eight-year time period he’s been CEO, Fareway has experienced 25% growth, now having 133 store locations. Cramer is a board member of the Iowa Business Council, Ronald McDonald House Charities of Central Iowa and the UnityPoint Foundation, and an advocate for animal rescue. A native Iowan and graduate of Boone High School in 1987 and Luther College in 1991, Cramer has two adult daughters. He and his wife, Sheila, live in Norwalk with their 5-year-old son.

Elizabeth “Liz” Garst
Elizabeth “Liz” Garst is a third-generation leader of the Garst family businesses. She has devoted her career to humanitarian and environmental work. In 2002, Garst assumed the helm of the Garst family businesses, which included five banks, four holding companies, an insurance agency and 22 different land-owning entities including three farming companies. In 2004, the Garst family announced the formation of Whiterock Conservancy, a nonprofit land trust dedicated to protecting natural resources, farming sustainably and welcoming the public. In 2006, Garst Farm Resorts was donated to Whiterock. Garst is the treasurer and a board member of Whiterock and the president of Greene Investment Co., a single bank holding company with the family owning two banks: Raccoon Valley Bank and Home State Bank. Under Garst’s leadership, total bank assets have grown from $250 million to over $750 million. Garst has served on several local and state environment councils. She holds a master’s in agricultural economics from Michigan State University and an MBA with a concentration in agribusiness from Harvard Business School, and she was one of the Business Record’s 2019 Women of Influence.

Rick Tollakson
Rick Tollakson began his career at Hubbell Realty Co. in 1984 and has led Hubbell to operate in three states with 15 operating entities. Starting with a focus downtown, Tollakson led construction on the Hub Tower, Kaleidoscope at the Hub, and Riverpoint Business Park. In 1992, he started the residential land development division, which has now grown into one of the largest residential land developers in the metro area. In 1998, Tollakson started Hubbell Homes, which now builds nearly 300 homes per year as one of the largest homebuilders in Iowa. In 2004, he was named the president and CEO of Hubbell Realty Co. Under his leadership, the company has grown from approximately 50 associates to nearly 350. In 2013, Tollakson added the Edencrest senior housing brand of independent, assisted and memory care living, which includes projects throughout Greater Des Moines. In 2019, Hubbell’s operation expanded to Omaha and has doubled its size since in both land and home sales. Tollakson leads the Hubbell Extreme Build series, which spans over 15 years, affecting thousands of Iowans through various builds for nonprofit organizations. He also is a board member of the Iowa Confluence (ICON) Water Trails Project, the Greater Des Moines Partnership and the Iowa Association of Business and Industry. He has a construction engineering degree from Iowa State University and an MBA from the University of Iowa.

You can read more about the inductees and register for the Greater Des Moines Committee’s Annual Induction Event on April 26 online.