Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
USAA CEO and President, Major General Josue "Joe" Robles Jr., U.S. Army (Ret.), announced that he will retire from USAA in the first quarter of 2015.
"Joe is one of the most effective, caring and enlightened leaders I've ever known, and the board is grateful to him for USAA's many accomplishments during his tenure as CEO," said USAA Chairman of the Board, Gen. Lester Lyles, USAF (Ret.). "We're also very grateful to Joe for giving us the benefit of having a full year to select his successor and manage a smooth transition. The board of directors has long had a succession plan in place, which includes a comprehensive internal and external search for USAA's next CEO. We expect to announce our selection by the end of 2014."
"Be assured, the qualities we have come to know about Joe Robles are the qualities we seek in his successor," added Lyles, "including devotion to military and their families, deep appreciation and respect for our employee team that is the finest workforce in America, keen business and financial acumen, and unquestionable ethics."
According to a release, Robles has been instrumental in expanding USAA membership eligibility to all who have ever honorably served in the U.S. military and their eligible family members. Under Robles' leadership, USAA has grown 53 percent in members, 45 percent in revenue, 68 percent in net worth, and 59 percent in assets owned and managed - all during one of the worst U.S. economic downturns in recent history. During that same period, which included some of the costliest catastrophe years in USAA history, USAA returned $7.3 billion to members and customers through dividends, distributions, bank rebates and rewards, and remained among just a handful of companies to earn the highest possible ratings for financial strength from Moody's, A.M. Best and Standard & Poor's.
"Joe has established a successful strategy for USAA that is enduring. He is a passionate guardian of USAA's reputation for outstanding member service and as a great place to work," added Lyles. "He is also committed to advocating for military families, and has guided the association to a leadership role in hiring veterans and military spouses, establishing USAA as a role model for all American corporations."
With more than 30 percent of USAA's new hires in 2013 being veterans and military spouses, Robles and USAA are part of the White House Joining Forces initiative. The U.S. Chamber of Commerce Hiring Our Heroes program presented its highest award for Veteran and Military Spouse Employment to USAA. And USAA is recognized as the No. 1 employer of veterans by G.I. Jobs magazine.
After serving on the USAA Board of Directors from 1990 to 1994 while on active duty, Robles joined the company in 1994 as CFO and Controller. He also served as Corporate Treasurer and Chief Administrative Officer before assuming the role of CEO and President in 2007. Prior to USAA, Robles was recognized numerous times for service and honor during his 28-year career in the U.S. Army, where he served as commanding general of the 1st Infantry Division (the Big Red One) among other notable assignments.
USAA provides insurance, banking, investment and retirement products and services to members of the U.S. military and their families.
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