Douglas J. Petersen, who became the interim CEO of the $800 million Workers' Credit Union of Fitchburg, Mass. in December following the sudden departure of its veteran head, Frederick D. Healey, has been promoted to the permanent CEO slot.
Healey is the current chairman of the Credit Union Executives Society, a position he was elected to last November.
Petersen, before being named interim president/CEO of Workers', was executive vice president, chief financial officer and treasurer for the 67,000-member CU. Under the switch, Petersen will continue as chief financial officer and treasurer for the short term.
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The reasons for Healey's exit have not been made public. Petersen told Credit Union Times the CU maintains a policy not to comment on private matters involving employees.
Healey had been Workers' CEO since 1995. He is a former senior vice president of New Bedford Institution for Savings from 1993 to 1995 and previously was an executive of South Shore Bank in Boston from 1988 to 1993.
The president/CEO of CUES, Fred Johnson, said no changes are anticipated in the elected leadership of the Madison-based trade group since "Fred is a member in good standing." He was elected for a one-year term.
Regarding Petersen, Marina Raher, chairman of Workers', said, "Doug's contributions during his tenure were responsible for delivering outstanding results, which has made Workers' Credit Union one of the strongest financial institutions in the state," adding, "his appointment will ensure the credit union's continued success."
Petersen joined the credit union in 1995 as treasurer and chief financial officer after 11 years in financial services, including an executive stint at St. Mary's CU in New Hampshire. He holds a bachelor's degree in accounting and a master's degree in finance from Bentley University in addition to graduating from the Stonier Graduate School of Banking.
Petersen also serves as president of the CUSO Workers' Financial Services LLC and serves on the board of directors of four CUSOs. In addition, he holds his NASD Securities Series 7 and 66 licenses.
"Doug is well-respected among his peers and has played an important role in the success of Workers' Credit Union," said a statement issued by Dan Egan, president of the Massachusetts Credit Union League. Workers' Credit Union, founded in 1914, has 14 offices.
Petersen said his CU "had a pretty good year" in 2010, earning $7 million and achieving a10% growth rate.
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