Words From the Director/CEO: Force Multipliers for Mission Success in 2025

Tom Shull
Exchange Director/CEO

Team,

Every year, each of you makes a difference for the benefit that the Exchange is so honored to provide to service members, their families and Veterans. You are force multipliers for military readiness, resilience and lethality.

Together, Team Exchange delivers more than $1.5 billion—yes, billion—every year in support of our Nation’s military community, including:

• $384M+ in tax-free savings
• $400M+ in annual value through the MILITARY STAR card
  • Best APR in industry regardless of credit score
  • No late, annual or over-limit fees
  • 2% rewards on every transaction
• $400M+ in U.S. payroll and benefits for military spouses, Veterans and family members
• $370M+ average annual earnings
  • $220M+ in dividends funding critical Quality-of-Life programs
  • $150M+ to improve the customer experience and further strengthen hard-earned QoL benefits

In the last ten years, the Exchange has created more than $15 billion in value for the military community. No other organization or business in the world can come close to producing such significant positive outcomes for the communities they serve, and the Exchange does it for the most important community of all, our military heroes and families.

We do more—you do more—every day. It is your extraordinary commitment and passion that drive the Exchange’s exceptional performance. You may not know it, but it’s your smiles, your graciousness, your kindness—all those things can turn around a day for a Soldier, Airmen, Guardian not having a good day.

The Exchange benefit is thriving because of your steadfast dedication and focus on executing our five strategic priorities to further strengthen critical services and support in 2025:

MILITARY STAR Expansion

After introducing a new MILITARY STAR card last year, the Exchange Credit Program is working to further expand acceptance on-base and eventually off-installation—a $100 million opportunity.

Expanding name-brand partnerships

The Merchandising team and our store teams are leveraging America’s best-known name brands to provide even more compelling assortments and customer service. Recently, the Exchange added all The Home Depot’s offerings to its assortment and expanded its 2024 agreement with Bass Pro Shops, making it our category leader for outdoor recreation.

The best tastes of home

The Exchange will soon begin a test program to augment Army dining facilities. We are uniquely well-positioned to support this critical initiative through robust food infrastructure, including food courts, Expresses, concessions and more than 650 unattended retail units, already in place. These operations are familiar and time-tested, serving convenient and nutritious meals that troops enjoy with family and friends. The Exchange doesn’t simply serve meals, it provides destinations where communities come together, strengthening connections and Quality of Life.

Retail optimization

The Merchandising team is leaning forward to dramatically improve and tailor our assortments at each installation. A huge callout to each of you, because this takes teamwork. Communication from the HQs to the field and back will be the force multiplier to getting the assortments right at every installation we are honored to serve.

Leveraging technology

The IT and Logistics teams are working to leverage technology to improve the customer experience, lower costs and increase dividends to the Services’ Quality-of-Life programs. This is a $200 million annual opportunity that will require coordination and collaboration across the organization to achieve.

The Exchange’s 2025 priorities are fully focused on maintaining the family, sustaining the family and investing in the family—being there with service members and their families, and making sure that they have the support required to achieve success.

Individually, we are good. Together, we are…unstoppable! Team Exchange, and the hard-earned benefit we are truly honored to provide, are proven force multipliers for mission success.

It is truly an honor to serve those who serve with you.

Veteran for Life!

Very best,

Tom