USAA CEO Wayne Peacock is on the way out. The exit of the company’s top dog was announced to employees Monday morning, August 19. He is expected to stay with San Antonio-based USAA into the first half of 2025 and will then retire, a Monday afternoon news release notes.
Peacock has led the company since February 2019 after taking over for former president and CEO Stuart Parker upon his retirement. Peacock is the first person without a military record to helm the company, which caters to military members and families. He’s been with the company for more than 30 years.
“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,” Peacock says in the release. “I’m grateful for the trust millions of military families place in us to help them achieve financial security.”
The release hailed his leadership through the coronavirus pandemic, which included transitioning some 36,000 employees to remote work. He also increased USAA’s minimum pay to $21 per hour, provided paid career development time and beefed up benefits such as mental health and family support aid for all employees, according to the release.
“Wayne has always answered the call to serve and the Board is thankful for his leadership,” says USAA Board Chairman and retired Navy Vice Adm. Jim Zortman in the release.
A replacement has not been announced, although the release shares that the company’s board is evaluating internal and external candidates. Wayne will remain with the company to “ensure a smooth transition,” the release states.
It’s been a tumultuous time since Peacock became CEO, with the coronavirus pandemic impacting operations shortly after his second year in the position began. Since then, there have been a series of layoffs that have touched hundreds of employees, and USAA has faced major lawsuits, some of which it lost.
Part of Peacock’s at-times controversial leadership include his compensation, with $6.8 million of his $8.1 million paycheck arriving in the form of a bonuses in 2023. This occurred during the same year USAA reported the first loss in the company’s 102-year history, with $1.3 billion reported, and layoffs the preceding year.
Peacock joined the company in 1988 within the company’s real estate investment branch, and he has been a member of USAA’s Executive Council since 2006. Prior to becoming CEO, he was the president of the Property & Casualty Insurance Group, but his time at USAA has touched on other divisions, such as information technology, shared
