USAA Appoints Robert G. Davis as Chief Operating Officer
9 February 1999
USAA Appoints Robert G. Davis as Chief Operating Officer
SAN ANTONIO--Feb. 9, 1999--Robert T. Herres, chairman and CEO of USAA, announced at a special management meeting today that Robert G. Davis has been elected to the association's board of directors and, effective June 1, will become its chief operating officer.Davis, 52, most recently has served as USAA's deputy chief executive officer for capital management and as president and chief executive officer, USAA Capital Corporation (CAPCO).
"Bob Davis has clearly demonstrated his commitment to the vision, strategic purpose, mission and values upon which the future of USAA depends," Herres said, noting that the appointment was unanimously decided upon by the USAA board of directors in meetings over the past weekend as an ongoing phase of the association's executive succession planning process.
"Under Bob's leadership, USAA's banking, investments, brokerage, life insurance and real estate subsidiaries have achieved their most successful aggregate performance in USAA's history," Herres said. "In addition, his successful stewardship of USAA's financial portfolio over the past two years contributed significantly to the ability of the association to return to its members the largest distributions ever of policyholder dividends and payments from member Subscriber Savings Accounts."
With more than 25 years experience in the financial services industry, Davis joined USAA in June 1996 as president and chief executive officer of CAPCO. In this position, he assumed responsibility for oversight of USAA Investment Management Company, USAA Federal Savings Bank, USAA Life Insurance Company, USAA Real Estate Company and La Cantera Development Company.
In May 1998, he was named additionally as deputy chief executive officer for capital management.
Prior to joining USAA, Davis had served since 1991 as president and chief executive officer of Bank One, Columbus, in Columbus, Ohio. Before that, he was chief credit officer of Bank One, Texas, a post he held from 1989 to 1991. He also served as chairman and chief executive officer of both MBank-San Antonio from 1985 to 1989 and MBank-Brownsville from 1981 to 1985.
Other positions held include vice president and regional manager of Republic National Bank of Dallas from 1974 to 1981 and account executive for E.F. Hutton in New York and Los Angeles from 1973 to 1974.
Davis served in the U.S. Army from 1966 through 1973 as a field artillery unit commander and attack helicopter flight commander. He led 685 combat flight missions in Vietnam from 1969 to 1970, service for which he was awarded the Silver Star, two Distinguished Flying Crosses, 26 Air Medals, the Bronze Star, the Vietnamese Cross of Gallantry and the Purple Heart.
Davis serves as a director on the boards of the Texas Research Park Foundation, the Southwest Foundation for Biomedical Research, the University of Texas at San Antonio College of Business, the San Antonio Economic Development Foundation and the San Antonio Free Trade Alliance.
He holds a bachelor's degree in business administration and a master's degree in business administration in finance from the University of Texas at Arlington. He also attended the Graduate School of International Banking at the University of Virginia.
Davis and his wife, Linda, have three children.
USAA has been serving present and former members of the U.S. military and their families for more than 76 years as one of America's leading insurance and financial services companies. The association, well known for its exceptional customer service, offers its 3.3 million members and associate members a full range of insurance, banking and investment products and services designed to help them meet their financial security needs. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $55 billion.