The USAA Board of Administrators introduced Wednesday that Juan C. Andrade would be the firm’s subsequent president and CEO.
Andrade, who has served on USAA’s board for the previous 4 years, brings almost 4 a long time of expertise in each the private and non-private sectors. He steps into the function at a pivotal time for the corporate amid two rounds of layoffs final 12 months and different main shifts for the 102-year-old monetary companies agency.
He’ll take over the function from Wayne Peacock, who introduced in August that he can be stepping down after 5 years as CEO and 36 years with the corporate. Ret. U.S. Navy Admiral Michael Moran has been serving because the financial institution’s interim president within the meantime.
Andrade joins USAA from Everest Group, Ltd., a Delaware-based supplier of reinsurance and insurance coverage, the place he served as president and CEO since Jan. 1, 2020. Previous to Everest, Andrade was president of Chubb’s worldwide enterprise in over 50 international locations, president and chief working officer at The Hartford and a common supervisor at Progressive.
“I’m excited to construct upon USAA’s legacy and proceed innovating so as to add worth to our members’ experiences and assist extra army households obtain monetary safety,” Andrade stated in a press launch. “I like the affiliation’s dedication to the army group and their households. Witnessing firsthand the excellent service the crew supplies to our brave service women and men, I’m honored to guide USAA in its second century of service.”
Though he doesn’t come from a army background himself, Andrade has beforehand labored in nationwide safety, worldwide affairs and drug coverage inside the U.S. federal authorities. He has held numerous roles, together with inside the Workplace of the Secretary of Protection, the Drug Enforcement Administration and the White Home Workplace of Nationwide Drug Management Coverage.
In 1992, Andrade was awarded the Secretary of Protection Medal for Meritorious Civilian Service — the second-highest honor for civilian staff, for his work countering worldwide drug trafficking. In 2023, he was named by the Wall Avenue Journal as one of many “World’s Most Influential Choice Makers.”
“Juan has the experience, imaginative and prescient, and management qualities that may assist USAA proceed to thrive,” stated Ret. U.S. Navy Vice Admiral Jim Zortman, chair of the USAA Board. “He has demonstrated an unwavering dedication to those that serve our nation, and we’re assured he’ll uphold USAA’s legacy of excellence whereas driving innovation to fulfill the evolving wants of our members.”
Zortman added that Peacock’s management has been “transformative.”
Peacock led the corporate by means of the COVID-19 pandemic, shifting 360,000 staff to do business from home; its first loss in its historical past and its return to profitability in 2023. Throughout his time as CEO, USAA responded to an growing variety of extra extreme pure disasters, and an increase in insurance coverage premiums. He elevated the corporate’s minimal pay and enhanced advantages to incorporate psychological well being and household assist support.
In 2022, USAA introduced it will vacate its downtown places of work by the tip of the 12 months, with 500 or so staff moved again to the corporate’s sprawling headquarters in Northwest San Antonio. Peacock on the time famous that the pandemic-related shift to hybrid work pandemic “have modified our actual property want.”
“There’s by no means been a time when there’s been this a lot change occurring, and this a lot uncertainty,” stated Peacock as a part of a panel on the way forward for work hosted by the San Antonio Report and Better:SATX in Could. “And the speed of the change has by no means been this quick.”
Peacock was the primary civilian CEO to guide the group, which was began in 1922 by a bunch of U.S. Military officers and later expanded to incorporate dependents and enlisted members of the U.S. armed forces. Andrade would be the second.
“…we’re deeply grateful for [Wayne’s] dedication to the affiliation and its mission,” Zortman stated. “His efforts have positioned USAA to proceed assembly the wants of our members for years to return.”
