Stuart Parker, portrait
Stuart Parker, USAA

USAA, the insurance and financial services giant, has named a longtime internal executive with experience running its property/casualty arm as its next CEO.

Stuart Parker becomes USAA’s new chief executive officer at the end of February 2015, when current CEO Joe Robles retires. Parker is a veteran USAA employee and had most recently begun serving as its chief operating officer in May. Before that, he was chief financial officer from 2012 to 2014.

From 2007 to 2012, Parker ran USAA’s Property and Casualty Insurance Group. The division employs 10,000 employees in U.S. and European offices, and Parker helped grow P/C net written premiums during that time from $8.7 billion to $12.7 billion, USAA noted in its announcement.

Parker is also a U.S. Air Force veteran and flew the C-141 Starlifter in combat missions during Operation Desert Shield/Desert Storm, USAA said.

USAA Chairman Gen. Lester Lyles USAF (Ret.) said in a statement that Parker “is the right choice to lead USAA forward at a time when the financial services industry is undergoing tremendous changes.” He added that the board voted unanimously to appoint Parker as CEO.

Parker’s promotion means other executive shifts, of course. USAA Capital Corp. President Carl Liebert will replace him as chief operating officer, effective immediately. Liebert is a former U.S. Navy officer and joined USAA in 2013, after serving on its board of directors from 2011 to 2013.

USAA offers insurance, banking, investment and retirement products to 10.4 million current and retired members of the U.S. military and their families.

Source: USAA

Topics USA Property Casualty