JOHNSTON, R.I., USA—Stuart Parker, president and chief executive officer-elect of USAA, an insurance and financial services provider to current and former members of the U.S. military and their families, has been elected to the board of directors of FM Global, one of the world’s largest commercial and industrial property insurers. FM Global’s board comprises executives from the world’s most sophisticated manufacturing, distribution and service organizations.
Established in 1835, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, include one of every three FORTUNE 500 companies and similar size organizations worldwide.
“Stuart Parker brings strong expertise in financial, strategic and operational planning to our board,” said Shivan S. Subramaniam, chairman and chief executive officer. “As a mutual company, owned and directed by its policyholders, his deep background in insurance and leading a diversified financial services group of companies with a similar governance structure to FM Global makes him an ideal fit for our board.”
Parker joined USAA in 1998 and rose through the ranks to successfully lead the development of USAA’s Financial Planning Services organization. From 2007 to 2012, Parker led USAA’s Property and Casualty Insurance Group and served as USAA’s chief financial officer from 2012 to 2014. This past May, Parker became chief operating officer and, soon after, was named CEO-elect. He will become CEO when current CEO Joe Robles retires at the end of February 2015.
Other members of FM Global’s board of directors include: