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Bob Johnson joins USAA as Chief Legal Officer, General Counsel

Bob Johnson joins USAA as Chief Legal Officer, General Counsel, USAA

USAA has named Bob Johnson its Chief Legal Officer and General Counsel, reporting to CEO Wayne Peacock.

Johnson joins USAA from commercial bank Truist Financial Corporation, where he was General Counsel, Corporate, Commercial and Legal Shared Services. He succeeds Deneen Donnley, who announced her retirement from USAA in September 2019.

"We are very excited to add Bob Johnson to USAA's leadership team," said Peacock. "Bob's deep legal and financial services background, combined with his authentic leadership style, make him an excellent fit here."

Johnson brings more than 23 years of legal and financial services expertise to the association, including substantial experience working with federal banking regulators in supervisory and government relations capacities.

Earlier in his career, Johnson was General Counsel at BB&T for nearly ten years, with oversight of the legal, government affairs, human resources, and corporate social responsibility teams. He also was part of an executive team that oversaw a substantial build-out of BB&T's risk and compliance organizations, and was the corporate secretary for the BB&T Board.

"I am honored to join this mission-driven organization focused on facilitating the financial security of the military community," said Johnson. "We have a fantastic team here built to serve our membership, and I am grateful for the opportunity to be a part of this organization."

SOURCE: USAA

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USAA's 2020 Annual Report to Members Highlights Resiliency and Support for the Military Community in Historic Year

USAA's 2020 Annual Report to Members Highlights Resiliency and Support for the Military Community in Historic Year

USAA today released its 2020 Annual Report to Members, which underscores the association's financial resiliency and continued support and commitment to the military community through a historic year. The year may be most remembered for the COVID-19 global pandemic, but 2020 also saw economic, social and political unrest, as well as record-breaking weather-related events in the United States. With more than 70 catastrophe events affecting 45 states, members filed 80% more claims than in 2019, as a result of wildfires, hurricanes, freezing temperatures and the strongest wind and rain to hit the Midwest region in 22 years. "USAA is committed to serving military members and their families through the toughest of times, and 2020 proved our resiliency," said USAA President and CEO Wayne Peacock. "We supported members through special dividends and financial assistance. In just 10 days, we transitioned 30,000 employees to continue fulfilling our mission from their homes. That mission focus remains as we innovate for the future and look ahead to our second century of service to our members." Amid these unprecedented challenges, USAA responded by assisting members and delivering solid member service and financial results: $1.1 billion in special dividends paid to auto policyholders because of decreased driving during the pandemic and savings to USAA from fewer claims. More than $2 billion paid in catastrophe claims, more than double the losses paid in 2019. 14% growth in net worth to $40 billion, revenue of $36.3 billion and a net income of almost $4 billion. 95% of members chose to stay with the association. 1 million members benefited from special services that provided financial assistance due to hardships through the pandemic. We returned more than $3 billion to members in distributions, dividends, and bank rebates and rewards – a 28% increase over 2019. Serving Those Who Serve USAA's Annual Report to Members looks beyond the financials to provide a snapshot of the organization's commitment to serving members and to corporate responsibility and diversity, equity and inclusion, as well as employees' engagement in the communities where they live and work. Since the start of the pandemic: USAA and The USAA Foundation, Inc., committed $87 million to nonprofit organizations in support of pandemic-related relief, advancing racial equity and other critical needs across our communities. This included the $30 million committed through the Military Family Relief Initiative that provided more than two dozen nonprofit organizations support for pandemic-related relief initiatives. USAA made a three-year, $50 million commitment to nonprofit organizations to continue helping close opportunity gaps in education, job training, employment, and income. Employees safely volunteered more than 185,000 hours to help support their communities. In addition, they donated more than $10 million to nonprofit organizations. "Serving USAA members with exc eptional service and commitment today, tomorrow and long into our second century is a legacy we are determined and proud to carry forward," said Peacock. "I am confident that 2021 will bring a year of continued recovery and resiliency for our membership and military community."

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