Juan C. Andrade Appointed CEO and President of USAA Amid Strategic Transformation

USAA has appointed Juan C. Andrade as its new President and Chief Executive Officer, effective April 2, 2025. This leadership transition comes as the financial services company seeks to navigate regulatory challenges and enhance its commitment to serving military members and their families.

Andrade brings nearly four decades of experience in both the public and private sectors. He has served on USAA’s Board of Directors for the past four years, contributing to committees focused on member services, risk management, finance, and technology. Most recently, Andrade was the President and CEO of Everest Group, Ltd., where he led the company through a period of global diversification and operational efficiency. His previous roles include executive positions at Chubb, The Hartford, and Progressive.

In the public sector, Andrade held various positions within the U.S. federal government, including roles at the Office of the Secretary of Defense, the Drug Enforcement Administration, and the White House Office of National Drug Control Policy. His contributions to national security were recognized with the Secretary of Defense Medal for Meritorious Civilian Service.

USAA Board Chair, Vice Admiral (USN, Ret.) Jim Zortman, expressed confidence in Andrade’s leadership, stating, “Juan has a deep respect for our men and women in uniform, having served alongside them to help safeguard our national security. We know he will continue his track record of building high-performing teams and enhance USAA’s legacy of service.”

Andrade succeeds Wayne Peacock, who announced his retirement in August 2024 after a 36-year tenure with USAA, including serving as CEO since 2020. Peacock’s leadership was marked by significant initiatives, such as transitioning 36,000 employees to remote work during the COVID-19 pandemic and increasing the company’s minimum wage to $21 per hour.

The leadership change occurs amid regulatory scrutiny of USAA’s banking division. In late 2024, the Office of the Comptroller of the Currency issued a cease and desist order against USAA Federal Savings Bank, citing “unsafe or unsound practices” related to management, information technology, consumer compliance, and internal audit. This order followed previous regulatory actions, including a $140 million fine in 2022 for deficiencies in the bank’s anti-money laundering program.

Despite these challenges, USAA has demonstrated financial resilience. In 2024, the company reported a net income of $3.9 billion, a significant turnaround from a $1.3 billion loss in 2022. USAA also returned $2.2 billion to its members and contributed $34 million over five years to military aid societies, reinforcing its commitment to the military community.

Andrade has expressed his dedication to building upon USAA’s legacy, stating, “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. I admire the association’s dedication to the military community and their families.”

As USAA enters its second century of service, Andrade’s appointment signals a strategic focus on strengthening the organization’s operations, addressing regulatory concerns, and enhancing the financial security of its members.