USAA Chairman, CEO Peacock Retires 2025

USAA announced that its chief executive and chairman, Wayne Peacock, will retire in the first half of 2025 after 36 years with the company, serving the last five as CEO.

In a letter Peacock sent to USAA teammates yesterday, the retiring CEO said he has held 10 roles across the company during his tenure.

“Serving our members has been my greatest honor. Every day, I am inspired by our teammates who accomplish their mission and go the extra mile when our members need us most… I am grateful for the trust that millions of military families place in us to you would help them achieve financial security.”
Wayne Peacock, USA

Since 1988, Peacock has led strategy, marketing, member services, technology, shared services and corporate real estate teams. Before becoming CEO in 2019, he served as president of the property/casualty insurance group, the fifth largest auto insurer and the fourth largest home insurer.

USAA Board Chairman Vice Adm. of the Navy Jim Zortman, said Peacock “always answered the call to serve” in a press statement.

“Thanks to his leadership, USAA is moving in step with the changing needs of the military community and continues to set the bar for member service,” Zortman said.

Peacock has been with USAA since 1988 and has led strategy, marketing, member services, technology, shared services and corporate real estate teams. Before becoming CEO, he served as Group President of Property & Casualty, the fifth largest auto insurer and the fourth largest home insurer.

Zortman said the SUAA board is evaluating a slate of internal and external candidates, and both men indicated Peacock will remain on the board until a successor is named.

“As the Board works through the selection process, I will continue to lead from the front, as I always have, to help each of us be our best and deliver on our commitments to our members, teams us and each other. And I will be here to ensure a smooth transition for our next leader,” Peacock told USAA colleagues in his letter.

In his letter, Peacock also noted that he had planned for a limited term from the beginning. He reported that when he accepted the CEO role in late 2019 from then-President Admiral Tom Fargo, Peacock and his wife “talked about this being a three- to five-year assignment.”

“As I approach five years, we’ve decided it’s time to take the next step forward,” he said.

USAA’s press statement listed Peacock’s accomplishments, including his leadership in a global pandemic — moving the company’s 36,000 employees to work safely from home in less than a week.

In addition, Peacock raised USAA’s minimum wage above the industry level, offered paid career development time, and improved benefits to include mental health and family support assistance for all employees.

Peacock spearheaded the founding of Face the Fight, a veteran suicide reduction initiative now supported by more than 200 like-minded organizations.

Peacock also supported the employment of veteran and military spouses, the press release said, noting that USAA’s legislative efforts have allowed more military spouses to transfer professional licenses from state to state.

Through Peacock’s leadership, the company has returned approximately $2 billion in distributions, dividends and bank rebates and rewards to members annually.

Peacock’s letter reflects some of the same milestones and others, including building new technologies to prepare for the future, growing the association by nearly a million members and maintaining a 96 percent member retention rate.

“Through our North Star mission, we continue to transform USAA to serve our members exceptionally well with enhanced digital touchpoints, personalized advice and modern products. Even in the midst of record inflation and high interest rates, another tough CAT season and geo-political uncertainty, let’s focus on the things we can control: take care of each other, serve with excellence, improving operations and staying true to The USAA Way,” he wrote.

Founded in 1922 by a group of military officers, USAA provides insurance, banking and retirement solutions and serves more than 13.5 million members of the US military, veterans who have served honorably and their families. Headquartered in San Antonio, USAA has offices in eight U.S. cities and three overseas locations and employs more than 37,000 people

Source: USAA