USAA names new CEO

The USAA, a family of companies providing insurance, banking, investments, retirement products and advice to current and former members of the US military and their families, has a new president and CEO.

USAA’s board of directors has elected Wayne Peacock to the role, effective February 1, 2020. Peacock succeeds Stuart Parker who is retiring after more than 21 years of USAA service, including as the company's chief executive since 2015.

"Wayne has served in a broad range of key assignments at USAA for over 30 years and is absolutely committed to our members and our employees," said USAA board chairman Admiral Tom Fargo. "His dedication to our mission, deep understanding of the association and strong leadership will guide our company effectively into our second century."

Peacock has been with USAA since 1988. He has direct experience in numerous areas across USAA. For the past three years, he has served as the president of the Property & Casualty Insurance Group, USAA's largest business. In addition to P&C, he has led strategy, marketing, call centres, technology, shared services and corporate real estate.
"Serving the military community is my passion, and it's an honour to follow a legacy of great leaders at USAA," said Peacock. "I am proud of the 35,000 USAA employees who come together to bring our mission to life by serving our members with excellence every day."

Parker joined USAA as a financial planner in 1998. Since then he has held roles as head of financial planning services, P&C president, CFO and COO. As CEO, Parker focused on delivering world-class member experiences, expanding financial readiness and providing competitive employee benefits.

"We thank Stuart for his steadfast leadership during this important and transitional time in the life of our company," said Fargo. "Stuart has set a strong foundation for USAA to be a dynamic, enduring and compliant company well positioned to serve our members' financial security for generations to come. The board and I wish Stuart and his family the very best."

Parker said: "It has been an honour to serve at USAA for nearly my entire civilian career. I am deeply appreciative of the loyal support and friendship from the board, fellow USAA employees and members and wish our team great success."

With Peacock's move to CEO, Jim Syring, EVP chief administrative officer has been selected as the next P&C president. Syring is a retired US Navy Vice Admiral who has been responsible for USAA's technology, security, procurement and facility operations.