The USAA Board of Directors announced Wednesday that Juan C. Andrade will be the company’s next president and CEO.
Andrade, who has served on USAA’s board for the past four years, brings nearly four decades of experience in both the public and private sectors. He steps into the role at a pivotal time for the company amid two rounds of layoffs last year and other major shifts for the 102-year-old financial services firm.
He will take over the role from Wayne Peacock, who announced in August that he would be stepping down after five years as CEO and 36 years with the company. Ret. U.S. Navy Admiral Michael Moran has been serving as the bank’s interim president in the meantime.
Andrade joins USAA from Everest Group, Ltd., a Delaware-based provider of reinsurance and insurance, where he served as president and CEO since Jan. 1, 2020. Prior to Everest, Andrade was president of Chubb’s international business in over 50 countries, president and chief operating officer at The Hartford and a general manager at Progressive.
“I’m excited to build upon USAA’s legacy and continue innovating to add value to our members’ experiences and help more military families achieve financial security,” Andrade said in a press release. “I admire the association’s dedication to the military community and their families. Witnessing firsthand the outstanding service the team provides to our courageous service men and women, I am honored to lead USAA in its second century of service.”
Although he does not come from a military background himself, Andrade has previously worked in national security, international affairs and drug policy within the U.S. federal government. He has held various roles, including within the Office of the Secretary of Defense, the Drug Enforcement Administration and the White House Office of National Drug Control Policy.
In 1992, Andrade was awarded the Secretary of Defense Medal for Meritorious Civilian Service — the second-highest honor for civilian employees, for his work countering international drug trafficking. In 2023, he was named by the Wall Street Journal as one of the “World’s Most Influential Decision Makers.”
“Juan has the expertise, vision, and leadership qualities that will help USAA continue to thrive,” said Ret. U.S. Navy Vice Admiral Jim Zortman, chair of the USAA Board. “He has demonstrated an unwavering dedication to those who serve our nation, and we are confident he will uphold USAA’s legacy of excellence while driving innovation to meet the evolving needs of our members.”
Zortman added that Peacock’s leadership has been “transformative.”
Peacock led the company through the COVID-19 pandemic, moving 360,000 employees to work from home; its first loss in its history and its return to profitability in 2023. During his time as CEO, USAA responded to an increasing number of more severe natural disasters, and a rise in insurance premiums. He increased the company’s minimum pay and enhanced benefits to include mental health and family support aid.
In 2022, USAA announced it would vacate its downtown offices by the end of the year, with 500 or so employees moved back to the company’s sprawling headquarters in Northwest San Antonio. Peacock at the time noted that the pandemic-related shift to hybrid work pandemic “have changed our real estate need.”
“There’s never been a time when there’s been this much change going on, and this much uncertainty,” said Peacock as part of a panel on the future of work hosted by the San Antonio Report and Greater:SATX in May. “And the velocity of the change has never been this fast.”
Peacock was the first civilian CEO to lead the organization, which was started in 1922 by a group of U.S. Army officers and later expanded to include dependents and enlisted members of the U.S. armed forces. Andrade will be the second.
“…we are deeply grateful for [Wayne’s] dedication to the association and its mission,” Zortman said. “His efforts have positioned USAA to continue meeting the needs of our members for years to come.”
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