USAA, a financial services company that serves military personnel, said today that CEO Bob Davis will replace General Robert Herres as chairman of the organization. Davis, who joined USAA in 1996, became CEO in 2000.
Herres, once a four-star general in the army, will relinquish is post to Davis in October of next year. While Daviss highest rank in the army was only colonel, spokesperson Paul Berry described him as "our most decorated combat veteran ever to lead the company." A combat helicopter pilot, Davis has been awarded more than 30 medals.
Herres, who was appointed by USAAs previous helmsman, started formulating a process for succession planning just after he came on board as chairman and CEO in 1993.
"He was close to 60 at the time, so he realized that he wasnt going to be here forever," Berry said. "Also, being a member of the association, he thought it was important that we have succession planning in place just because it had never been in place before."