TruStage CEO Trunzo to retire; former Allstate exec to succeed him
Robert Trunzo (left) will retire as CEO of TruStage in October. He will be replaced by Terrance Williams (right).
TruStage, which was formerly CUNA Mutual Group, said Wednesday that President and CEO Robert Trunzo plans to retire on October 1.
TruStage, an insurance and financial services company that monitors the credit union industry, has chosen Terrance Williams, formerly Allstate’s president of protection products and services group, as its next chief executive. Williams will join TruStage as president and CEO-elect on June 26, reporting directly to Trunzo until Trunzo’s retirement.
“Bob has set a strong foundation for TruStage’s growth and success, and I’m excited to continue this momentum,” Williams said in an interview.
Williams was responsible for Allstate’s non-property-liability businesses, representing $4 billion in revenue. In his previous role as executive vice president and general manager of Allstate Property-Liability Sales and Distribution, Williams was responsible for the company’s agency distribution channels including 10,000 domestic agencies and more than 30,000 licensed sales professionals.
At TruStage, Williams said he is committed to advancing the company’s current strategy rather than instituting any sweeping changes. Since Trunzo became CEO in 2014, the company’s annual revenue has grown by more than $2 billion to $5.2 billion in 2022, and more than doubled its assets under management to $32 billion.
“The numbers speak for themselves. When an organization is able to double its revenue in a decade and nearly triple its [assets under management], that’s a significant feat,” Williams said. “I am also committed to ensuring the continued customer-centric growth of the company in a way that makes us more dynamic, agile and competitive in the marketplace.”
TruStage has also been in an ongoing dispute with unionized employees, though it appears to be making progress in resolving the matter. The employees voted to suspend their strike after more than two weeks, having seen some of their grievances addressed, but said the strike would resume if the latest negotiations fail to resolve their remaining concerns.
The strike “was not a factor in Bob’s decision to retire. Bob and the board began the succession planning process in early 2022,” said company spokesman Barclay Pollak.
Throughout the leadership transition, TruStage remains as “committed as ever” to reaching an agreement with union leadership that is fair and market competitive, Pollack said.
