Four senior executives are departing United Services Automobile Association (USAA) as the financial services company undergoes organizational restructuring, the company announced.
The executives leaving include Brandon Carter, president of USAA Life Insurance Co.; Ameesh Vakharia, executive vice president and chief strategy and brand officer; Amala Duggirala, executive vice president and chief information officer; and Tom Troy, executive vice president and chief transformation officer.
USAA described the leadership changes as part of meeting evolving member needs. “Leadership change – to meet the evolving needs of our members and the association – is a natural occurrence in any large, dynamic organization,” the company said in an email statement, as reported by BestWire.
The company did not provide information about potential successors for the departing executives.
New member value organization created
As part of the restructuring, USAA established a “member value organization” primarily led by military veterans “to ensure everything we do begins and ends with the member in mind,” according to the company.
Several functions across USAA are being moved under this new organizational structure. The company stated it maintains “a deep bench of qualified senior leaders,” with some executives being reassigned to different areas within the organization.
USAA membership is restricted to military members, veterans, and their close family members.
The restructuring comes after a year of significant financial growth for USAA. The company’s annual attributable net income in 2024 tripled to $3.89 billion from $1.21 billion in the previous year, driven by revenues increasing more than losses, benefits, and expenses.
Total assets rose to $220.58 billion, primarily due to strong investment performance and increased property/casualty premiums, according to a BestWire report.
USAA ranked as the third-largest homeowners’ multiperil insurer and fifth-largest all-private passenger auto insurer in the United States in 2024, based on direct premiums written, according to BestLink data.
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