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The retirement announcement from USAA CEO Wayne Peacock follows the departure of at least four other high-level company executives.
Monday’s announcement by USAA President and CEO Wayne Peacock that he’ll retire next year follows recent departures of at least four other top-ranked officials at the financial-services giant.
The news also comes amid a string of tumultuous developments for the San Antonio-based company, which serves military personnel, veterans and their families. Those include the first annual loss in the firm’s history, a major lawsuit settlement, fines from regulators and other high-profile legal disputes.
In response to the Current‘s inquiries about the timing of the management exodus, a company spokesman supplied a statement describing each departure as “unique.”
“Leadership change is a part of every large, dynamic organization,” the statement said. “Each situation is unique, as individuals gain other opportunities and as USAA adapts, which at times means adding different talent to meet the evolving needs of our membership.”
In a statement to employees, Peacock, 65, said he and his wife agreed his stint as CEO would be a three-to-five assignment. As of the announcement, he’d been in the position for five of his 36 years at USAA.
“Early on, I promised I would give [the board] ample notice and plenty of time to select our next CEO, and there is already a list of internal and external candidates being evaluated to lead USAA forward,” said Peacock, who will stick around through the first half of 2025.
Other high-ranking executives who recently left USAA include:
- Chief Risk Officer Neeraj Singh
- Executive VP and Chief Audit Executive Gilbert Gitiche
- Senior VP and Chief Security Officer John Witty
- USAA Federal Savings Bank President Paul Vincent
Singh is leaving this week, and Gitiche departed earlier in the summer, according to an Express-News report. Witty and Vincent were both out in May, according to the daily.
USAA has encountered a fair amount of turbulence in recent years, including reporting a 2022 loss — its first in more than a century of operation. Officials attributed the financial nosedive to inflation pressures and drivers returning the road after the pandemic.
However, the business’ list of recent hurdles doesn’t end there. According to news reports:
- USAA this month agreed to a $64 million settlement of a class-action lawsuit claiming its bank overcharged customers, signed them up for products they didn’t ask for, then bungled a refund effort. USAA has denied wrongdoing in the case.
- In January a judge gave class-action status to a separate suit, this one accusing USAA of pushing military enlisted personnel toward higher price insurance products than those available to officers — a claim company officials deny.
- The Office of the Comptroller of the Currency hit USAA with poor ratings in both 2023 and 2022, alleging it fell short on rules barring discriminatory and unlawful credit practices.
- The Financial Crimes Enforcement Network fined the firm $140 million in 2022 for failing to adequately monitor for money laundering activity.
- Additionally, USAA faces a federal lawsuit in California alleging it overcharged insurance customers during the COVID-19 crisis.
Despite those challenges, Peacock trumpeted accomplishments on his watch that included navigating the pandemic, boosting membership to nearly a million people and establishing a nonprofit called Face the Fight to address veteran suicide.
USAA employs roughly 37,000 people. Some 19,000 of them work in San Antonio.
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