USAA Says CEO Robles to Step Down From $22.9 Billion Company

Feb 21, 2014 3:25 pm ET

(Updates with net worth growth in third paragraph, comment from chairman in fourth.)

Feb. 21 (Bloomberg) -- United Services Automobile Association, the provider of insurance and other financial products catering to military families, said Chief Executive Officer Josue Robles will retire in the first quarter of 2015.

The insurer will review internal and external candidates to replace Robles, 68, and expects to name a successor by the end of this year, according to a statement today from San Antonio- based USAA.

USAA is the fifth-largest home insurer in the U.S. and the sixth-biggest provider of auto coverage, according to 2012 data from the National Association of Insurance Commissioners. The company’s net worth, a measure of assets minus liabilities, climbed 59 percent to $22.9 billion as of June 30 from the end of 2007, the year he became CEO.

The board of directors is “very grateful to Joe for giving us the benefit of having a full year to select his successor and manage a smooth transition,” Chairman Lester Lyles said in the statement.

A retired major general in the U.S. Army, Robles was on the USAA board from 1990 to 1994 while on active duty and then became chief financial officer. The company is graded AAA by Moody’s Investors Service, the highest score from the ratings firm. USAA provides insurance, banking, investment and retirement products to 10 million members of the U.S. military and their families.

--Editors: Dan Kraut, Dan Reichl