USAA has announced that its Board of Directors has elected Wayne Peacock to succeed Stuart Parker as the firm’s next President and Chief Executive Officer (CEO), effective February 1st, 2020.
Parker is retiring after more than 21 years of service at the company, 15 of which he spent as USAA’s CEO. Peacock has been with USAA since 1988 and for the past three years served as the President of the Property & Casualty Insurance Group.
In addition to his P&C experience, Peacock has led strategy, marketing, call centers, technology, shared services and corporate real estate.
USAA Chairman of the Board, Admiral Tom Fargo, commented: “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. His dedication to our mission, deep understanding of the association and strong leadership will guide our company effectively into our second century.”
Peacock added: “Serving the military community is my passion, and it’s an honor to follow a legacy of great leaders at USAA. 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 in 1998 as a financial planner and has since held numerous roles, including Head of Financial Planning Services, P&C President, CFO and COO. While serving as USAA’s CEO, Parker had a focus 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. 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,” said Fargo.
Parker added: “It has been an honor 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.”
USAA has also announced that in response to Peacock’s appointed to CEO, Jim Spring, EVP Chief Administrative Officer, has been selected as the next President of P&C.