USAA chief executive Wayne Peacock retiring

USAA chief executive Wayne Peacock retiring | Insurance Business America

Insurance News

Outgoing leader has served the company for 36 years

Insurance News

By
Terry Gangcuangco

USAA (United Services Automobile Association) president and chief executive Wayne Peacock (pictured) is retiring in the first half of 2025 after 36 years with the company.

Peacock joined USAA in 1988 and has since played a pivotal role in various capacities, including overseeing strategy, marketing, member services, technology, shared services, and corporate real estate. Before his promotion to CEO in 2020, he was president of USAA’s property & casualty insurance group.

The chief executive led the company through the challenges of the global pandemic, quickly transitioning USAA’s 36,000 employees to remote work within a week. With Peacock at the helm, USAA also raised its minimum wage above industry standards and enhanced benefits.

“Wayne has always answered the call to serve, and the board is thankful for his leadership,” stated retired Navy Vice Adm. Jim Zortman, board chair at USAA. “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.”

Meanwhile, the board is assessing both internal and external candidates to fill the CEO position, and Peacock will be on hand to facilitate a smooth transition.

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

Peacock has been a dedicated advocate for the military community, spearheading the establishment of Face the Fight, a major initiative aimed at reducing veteran suicide, now backed by over 200 partner organizations. He also ensured that during potential government shutdowns, USAA members had access to no-interest loans and payment relief options.

In his efforts to support veterans and military spouses, Peacock has championed employment initiatives and successfully advanced legislative efforts allowing military spouses to transfer professional licenses across states.

He also prioritized USAA’s role as a community leader, contributing approximately $50 million annually to support military families’ wellbeing and financial stability. Additionally, under Peacock’s guidance, USAA has returned about $2 billion each year to its members through distributions, dividends, and rebates.

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