Long time employees… curious on your thoughts. Has there been a worse CEO than Wayne? I’ve honestly never seen more people openly talk in office about how much they dislike him. Not just IPs but managers and directors… people in staff, bank, insurance, claims. It’s kind of mind blowing. I was at a wedding and met some random employees from bank who were in higher roles and both openly shared how much they disliked him and how bad the culture is here. I feel like it’s the one thing that everyone can agree on. Also curious why y’all think the board is keeping him around? Is he being paid the basically be the bad guy and do all the layoffs. Personally I am ready for Randy to take over lol!
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I think that Bob Davis definitely started the decline of USAA, it was sad to see McDermott go, followed by Herres. I think that Davis was when they started doling out bonuses. I remember wondering why they gave us those huge bonuses instead of lowering the cost of insurance for our members, they told us that instead of large salary increases the bonuses could make it so that they were flexible on pay amounts. In other words if USAA had a bad year, they were not locked into higher pay for employees they just gave a lower bonus. I then realized while we were getting the significant carrot of 5 digit bonuses the executives where getting exponentially more and the guys at the very top like Davis were getting millions. Greed had taken hold and I remember that every so often they implemented policies to remove benefits. The worst was when they stopped contributing to our pensions. I was there for over 30 years but for around 13 of those years they contributed nothing to my pension. they did this by offering to match 2% more in our 401k but in order to get that you had to increase your own contribution to the 401k. Now my pension is a small fraction of what my income was. Another thing is that at the end of 2025 they will not provide retirees with the ability to buy medical insurance. We will be cut off, the hand book says we can just go to the market place (Obama care). The first layoff and subsequent replacing the workforce with foreign workers was sold as a way to insulate the workforce from anymore layoffs, meaning contractors would be the first to go in case of hard times. I don't think that is always working out that way. I really regret having worked there for all my adult career and I don't recommend it to anyone.
I have been a customer since 2000. Giant decline in all measurable customer experience metrics. Now we know the intent was too make it a Bigger bank thus the advertising. Sad to see a good thing die but it's as good as dead. We lack the authority as members to remove the self-promoting traitor.
Agree, Randy is NOT the answer. If we can’t get Syring back we need a new person, a flag officer who has not been corrupted by association with Wayne and his sycophantic EC.
After reading the 100 history book I have to agree with the OP that the current CEO is worse than the past CEO’s. Not sure the successor the OP named is the answer though.
Speaking of Randy, why is he serving on the Board of a competing insurance company? Seems like a pretty big conflict……..
https://find-and-update.company-information.service.gov.uk/officers/S7SQhJC4gKvauqmXaoSISZzawPM/appointments
I was there for the Bob Davis days, left the company and the rock start that was Joe Robles and caught he Stuart Parker era, left beige Wayne took over, but still have a lot of relationships there. I don’t think there could be a worse CEO than Wayne P. When is it going to be time to send him off? Like to see USAA stop losing it’s culture and value diminishing anymore then it has under his tenure. Wayne, time to step away. For that is left that you haven’t laid off.
Let’s put it this way…
Me: Bob Davis was the worst CEO USAA has ever had!
Wayne: Hold my Wine Spritzer.
Never seen such a toxic culture and it's a sad place to have had happened as this was a family and a place that actually cared. This is the WORST employee morale period EVER in the history of USAA - yes.
Randy is the worst, he is the one that is really pushing RTO. Him and Paul are the reason we are not making money.
Davis was pretty rotten, but if he would have been shoved out 2 or 3 years earlier he might have been held in higher regard despite the layoffs. But he kept on, poked a married exec while he was married and was driving morale straight into a bottomless ditch. When Joe took over in late 2007, it was like a second Xmas bonus.
As for Wayne, I first remember him from the early 2000's in what was Realco back in the date, in the Colonnade building. From what I heard from the area, he was despised and made his people work crazy hours. It appears not much has changed, except he is over the whole company now. The pandemic crimped his style and he played fake nice. His true colors showed up once things eased up. Don't think he's the worst yet, but give it time. Davis is pointing the way to the finish line, and Wayne is stepping on the gas.
I was here for Bob Davis as well and found it funny as he-l when they had the emergency meeting to tell us Joe was taking over. He was the last CEO that seemed to give a damn.
I never in my wildest dreams imagined anyone being as bad as Bob Davis, but Wayne came in and said hold my beer. I’ll give Bob Davis credit for 1 thing, he was going to F you over, but he at least told you he was before doing it.