The board of the insurance and financial services firm on Tuesday named Juan C. Andrade as its new CEO, effective April 2. That’s when Peacock, who announced his retirement last summer, is expected to step down.
Andrade has served on USAA’s board for the past four years, including committees focused on members, risk, financials and technology. Additionally, he was vice chair of the company’s Advisory Panel, which interacts with members to improve service.
Prior to taking the top role at USAA, Andrade worked as president and CEO of Everest Group Ltd., a Dallas-based provider of property and casualty insurance. He’s also held leadership posts at insurance companies Chubb, The Hartford and Progressive and has done national security, international affairs and drug policy work for the federal government.
“Juan was the clear choice given his commitment to our members, understanding of our business and the complex, regulated environment in which USAA operates, and his authentic, values-driven leadership style,” USAA Chairman Jim Zortman said in an emailed statement.
USAA — which serves members of the military, veterans and their families — employs 37,000 people. More than half of them work in San Antonio.
Andrade’s hiring as CEO is the latest in a series of executive changes at the century-old company. In addition to Peacock, those departures include Paul Vincent, who led USAA’s bank; Chief Risk Officer Neeraj Singh; Chief Audit Executive Gilbert Gitiche; and Chief Security Officer Jason Witty.
The shuffling of the executive ranks comes as USAA’s banking business has come into the crosshairs of federal regulators. Among other things, the government has demanded that the bank improve its technology and information security and bolster protections against money laundering.
Last month, the U.S. Office of the Comptroller of the Currency hit USAA’s banking division with an order demanding that it fix “unsafe and unsound” policies. That marked the feds’ third attempt since 2019 to force such changes.
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This article appears in Jan 8-21, 2025.