Robert G. Davis has been designated chief operating officer of USAA, the diversified insurance and financial services company for current and former members of the military and their families.

Mr. Davis, 52, a veteran banker, has been deputy chief executive officer for capital management and president of USAA Capital Corp. He will officially take over on June 1. He was also elected to the USAA board.

Robert T. Herres, chairman and CEO of USAA, said Mr. Davis has led USAA Federal Savings Bank, USAA Investment Management Co., and other subsidiaries in brokerage, life insurance, and real estate to "their most successful aggregate performance in USAA's history."

"His successful stewardship of USAA's financial portfolio over the past two years contributed significantly to the ability of the association to return to its members the largest distributions ever of policyholder dividends and payments from Subscriber Savings Accounts," Mr. Herres said.

During his 25-year career, Mr. Davis has worked for E.F. Hutton & Co., MBank, Republic National Bank in Texas, and Bank One of Columbus, Ohio, where he was president and CEO for five years before joining USAA in 1996.

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