On July 24, San Antonio-based USAA announced that Jeff Wallace , who currently serves as chief financial officer, will become the company’s new chief audit executive. Brett Seybold, senior vice president and senior financial officer for USAA’s property and casualty business, will replace Wallace as CFO.

“As we transform the association to meet our members’ evolving needs, we’re putting key leaders and capabilities in place to continue serving well today and into the future,” says Wayne Peacock, president and CEO.

As CFO, Wallace led the organization through the challenging post-pandemic financial environment, ensuring the association’s financial strength and ability to continue to serve members well. He joined USAA four years ago from Bank of America, for which he served as chief financial officer of the consumer banking and global wealth and investment management businesses. At Bank of America, he led the re-engineering of its financial systems, forecasting and planning processes. Over his more than 30-year career, Wallace has held leadership positions with a variety of large financial institutions.

Seybold, a 20-year USAA employee, becomes the CFO after previously serving as the company’s treasurer. In that position, he helped guide capital, liquidity and investment activities through the global financial crisis, COVID pandemic and recent inflation-driven Fed rate hikes. Seybold also led the team that created USAA’s Transformation Office, setting into motion several initiatives that are delivering financial value and enabling the association to provide better, more personalized service, products and advice to members in the coming years.

Established in 1922 by a group of military officers, USAA has offices in eight U.S. cities and three overseas locations.