Aug. 28 (Bloomberg) -- United Services Automobile Association, the provider of financial products to military families, promoted Stuart Parker to chief executive officer as it seeks to extend growth in insurance and banking.
Parker, 53, has been chief operating officer since May and was previously chief financial officer, the San Antonio-based company said today in a statement on its website. He replaces Josue Robles, 68, who is stepping down at the end of February and was CEO since 2007. The company announced earlier this year that Robles would be leaving.
USAA is the fifth-largest U.S. home insurer and also sells car coverage. Parker led property-casualty operations from 2007 to 2012, overseeing about 10,000 employees throughout the U.S. and Europe. Policy sales climbed to $12.5 billion from $8.7 billion in that time, according to the statement. USAA, with a net worth of $26 billion, also offers auto loans, credit cards and retirement products.
“Stuart is the right choice to lead USAA forward at a time when the financial services industry is undergoing tremendous changes,” Chairman Lester Lyles said in the statement. “The board has found a successor who demonstrates clear devotion to USAA’s mission to serve the military and their families.”
Parker is a graduate of Valdosta State University in Georgia and a former instructor pilot in the U.S. Air Force. He flew in combat missions in operations Desert Shield and Desert Storm, according to the statement.
Carl Liebert, 49, president of USAA Capital Corp., succeeds Parker as chief operating officer. Liebert, CEO of 24 Hour Fitness Worldwide Inc. from 2006 to 2013, is a former Navy officer, according to the statement.
Founded in 1922 when 25 Army officers joined to insure each other’s vehicles, USAA had more than 10 million members and 25,000 employees as of Dec. 31. It isn’t publicly traded.