USAA announced today in a press release 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. Peacock was named to We Are The Mighty’s “Mighty 25” last year after his incredible work for the military community. Peacock is beloved by his people, his clients, and the team at WATM.
“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, in a press release. “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.”
According to the same press release, 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.
In his interview with WATM for the Mighty 25, Peacock shared, “I just celebrated 35 years of working at USAA. What I would tell you is I’m just as proud today as I was on day one to know that we’re making a big difference. But it also gives you a chance to kind of reflect back on what matters,” Peacock explained. “What matters to me are the people that are here and making a huge difference in their lives while helping them be at their best so that together we can do something really special, which is taking care of military families.”
Congratulations Wayne. You will be mightily missed.