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USAA Chairman Will Step Down

USAA, a financial services company that serves military personnel, said 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 his post to Davis in October of next year.

Herres, who was appointed by USAA's previous CEO, 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 wasn't 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."