USAA President & CEO Wayne Peacock Announces Plans to Retire in 2025

Led the company's growth with industry-leading service, support for military families

SAN ANTONIO -- USAA announced today that Wayne Peacock plans to retire as President and CEO after a distinguished 36-year career at the company, including nearly five as CEO. He will retire in the first half of 2025.

"Wayne has always answered the call to serve and the Board is thankful for his leadership," said USAA Board Chairman, retired Navy Vice Adm. Jim Zortman. "He is thoughtful and strategic and has never wavered in doing what's right for the association. Because of his leadership, USAA is moving in lockstep with the changing needs of the military community and is continuing to set the bar for member service," continued Zortman. "The Board is evaluating its list of internal and external candidates, and Wayne will stay onboard to ensure a smooth transition."

Peacock has been with USAA since 1988 and has led strategy, marketing, member service teams, technology, shared services and corporate real estate. Prior to becoming CEO, he served as president of the property and casualty insurance group, the fifth largest auto and fourth largest home insurer.

"Serving our members has been my greatest honor. Each day, I am inspired by our teammates, who deliver on the mission and go above and beyond when our members need us most," said Peacock. "I'm grateful for the trust millions of military families place in us to help them achieve financial security."

Without missing a beat in serving members, Peacock successfully led through a global pandemic and, in less than a week, moved the company's 36,000 employees to safely work from home. He increased USAA's minimum pay above the industry, provided paid career development time, and enhanced benefits to include mental health and family support aid for all employees.

As a strong advocate for our nation's military community and their families, Peacock led the founding of Face the Fight™, an initiative to reduce veteran suicide, which is now supported by more than 200 like-minded organizations. Against the backdrop of several potential government shutdowns, impacted members had access to no-interest loans and payment relief options.

In addition, Peacock has been a champion for veteran and military spouse employment and USAA's legislative efforts have enabled more military spouses to transfer professional licenses from state to state. Equally important, he has ensured USAA remains a community leader, providing approximately $50 million in funding annually to support the well-being, economic mobility and basic needs of military families.

Through Peacock's leadership, the company has returned approximately $2 billion in distributions, dividends, and bank rebates and rewards to members annually. For decades, USAA has put member needs at the center, through innovative technologies like aerial imagery to streamline claims, telematics to reward safe driving, and an award-winning mobile app to make digital commerce seamless. Year after year, 96% of members stay with the association, a powerful testament to the care Peacock and Team USAA show for the military community and their families.

About USAA

Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and retirement solutions and serves more than 13.5 million members of the U.S. military, veterans who have honorably served 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 worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.