The USAA leadership team embraces a new chapter in the company’s history.
USAA has officially named Juan C. Andrade as its new President and CEO, effective April 2. Andrade, with nearly 40 years of experience in financial services, takes over from Wayne Peacock, who retires after five years. His appointment comes at a crucial time for USAA, which serves millions of military families. Andrade aims to enhance the company’s legacy and financial security amidst current challenges.
In an exciting turn of events, San Antonio’s own USAA has announced the appointment of Juan C. Andrade as the new President and CEO, effective April 2. This marks a significant moment for the company as it transitions from the stewardship of Wayne Peacock, who has decided to retire after five years of dedicated service. Andrade takes the reins at a pivotal time for USAA, as they continue to serve millions of military families and navigate a competitive landscape.
Wayne Peacock had been at the helm since 2019 but announced his retirement plans back in August 2024. Under his leadership, USAA experienced growth and a commitment to its mission of serving military families. Andrade is stepping into an important role: he is only the second chief executive of USAA without a military background, following Peacock. His extensive experience in the financial services and insurance sectors will bring a fresh perspective to the organization.
Andrade is not new to the insurance world. With nearly 40 years of experience, he has held several prominent positions, including President and CEO of Everest Group Ltd., a company recognized as a global leader in insurance and reinsurance. There, he successfully transformed the company to focus on profitability, efficiency, and exceptional customer service—traits that will certainly benefit USAA.
His previous roles at renowned companies like Chubb, The Hartford, and Progressive provided Andrade with a robust understanding of international operations. But it’s not just about the corporate world; he also has a rich background in national security and public service. His work within the U.S. Federal Government, including a notable position at the Office of the Secretary of Defense, showcases his commitment to public service. In fact, he received the Secretary of Defense Medal for Meritorious Civilian Service for his efforts in combatting international drug trafficking.
The leadership at USAA has expressed confidence in Andrade’s abilities and his respect for the military community. USAA’s board chair, Vice Admiral (USN, Ret.) Jim Zortman, highlighted Andrade’s capability to lead the organization with integrity and vision. Andrade brings a sense of excitement and optimism, aiming to enhance USAA’s legacy and commitment to serving military families while focusing on their financial security.
Currently, USAA stands as one of the largest employers in San Antonio, boasting approximately 37,000 employees and serving around 13.5 million members. These numbers reflect the extensive reach of USAA’s services, which span insurance, banking, and investment products tailored for military families. However, the company has faced its share of challenges. After a tough year in 2022 with reported losses, USAA bounced back to profitability in 2023, recording an impressive $1.2 billion profit.
The financial services arena can be tough, and USAA Federal Savings Bank has been under scrutiny due to financial challenges and regulatory pressures. These factors have prompted shifts in leadership and company strategies, making Andrade’s arrival particularly crucial.
As USAA enters this new chapter with Juan C. Andrade at the helm, there’s a renewed sense of hope and anticipation within the military community and beyond. His extensive experience and fresh ideas could steer USAA towards a prosperous future, ensuring that the needs of military families remain at the forefront of everything they do. With a rich history of service and a commitment to excellence, the best is yet to come for USAA and its members.
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