TruStage, the well-known provider of insurance, investments, and financial technology solutions, has made a major announcement regarding its leadership. The company’s President and CEO, Robert N. Trunzo, has revealed his plan to retire on October 1, 2023. TruStage’s Board of Directors wasted no time in selecting a successor and has unanimously appointed Terrance Williams, formerly the President of Allstate’s Protection Products & Services Group, to take over as the new President and CEO.
As part of the succession plan, Terrance Williams will assume the role of President and CEO-elect on June 26, 2023. During this transition period, Williams will report directly to Trunzo until his retirement. Once October 1 arrives, Williams will officially step into his new position and also join TruStage’s Board of Directors.
Michael Valentine, Chair of TruStage’s Board of Directors, expressed his gratitude to Bob Trunzo for his invaluable contributions over the past 18 years. Valentine acknowledged Trunzo’s tireless commitment to the company’s success and his effective leadership since 2014. Trunzo’s departure will be felt as he is well-known and respected in the credit union space. However, the board is confident in their choice of Terrance Williams, who they believe is the right person to build on Trunzo’s legacy and continue TruStage’s mission of ensuring brighter financial futures for all. The announced succession plan aims to ensure a smooth transition and sets the stage for the company’s continued success under Williams’ leadership.
Trunzo expressed his honor at having served as President and CEO during a period of transformative growth for TruStage. He credited the dedication and hard work of the company’s employees for their success in making financial experiences easy and accessible to customers. Trunzo praised Williams’ industry expertise, shared values, and commitment to TruStage’s purpose, stating that he is the ideal fit for the job. Trunzo looks forward to working closely with Williams during the transition and has complete confidence in his ability to lead TruStage and inspire further growth.
Terrance Williams brings a proven track record of success and strong leadership capabilities to his new role at TruStage. His most recent position was as President of Allstate’s Protection Products and Services Group, where he was responsible for overseeing non-property-liability businesses generating $4 billion in revenue. Williams has held various executive roles at leading companies in the insurance industry, including Nationwide. His extensive experience and achievements have garnered recognition, with Forbes naming him one of “The World’s Most Influential CMOs” in 2017 and 2018.
Williams is also deeply committed to philanthropy and community improvement. He has actively served on non-profit boards in multiple markets, including organizations such as Big Brothers/Big Sisters and the Urban League. Williams is involved in mentoring programs and is an advisory board member for the University of South Carolina’s Risk and Uncertainty Management Center. He also serves on the board of directors for Encompass Health, the largest owner and operator of rehabilitation hospitals in the United States.
In his statement, Williams expressed his enthusiasm about taking on the role of TruStage’s President and CEO. He acknowledged Bob Trunzo’s foundation for the company’s growth and success and expressed his excitement about continuing this momentum. Williams is committed to the mission of making brighter financial futures accessible to all and prioritizing the needs of customers.
Under Trunzo’s leadership, TruStage has experienced significant growth and achieved numerous milestones. Annual revenue has grown by over $2 billion to reach $5.2 billion in 2022, while assets under management have more than doubled to $32 billion. TruStage has fostered innovation and supported the next generation of innovators through initiatives like TruStage Ventures, which funds fintech companies in the financial services and insurance industries. The company’s recent acquisition of preplanning solutions has further diversified its offerings to protect consumers. TruStage’s dedication to its customers is reflected in its strong financial ratings from AM Best, S&P Global Ratings, and Moody’s Investors Service.
TruStage’s future is bright as Terrance Williams prepares to take the helm. With his experience, leadership, and commitment to community betterment, Williams is poised to continue TruStage’s growth and success, ensuring that their mission of accessible financial solutions remains at the forefront.