Executive Vice President Ray Springsteen was named Fort Knox Federal Credit Union's new CEO on Monday, following Bill Rissel's retirement announcement. Rissel has been CEO of the $1.1 billion credit union for 23 years.

The transition is expected to take six months, the 80,000-member Radcliff, Ky.-based credit union said.

Springsteen is a 21-year industry veteran who joined Fort Knox Federal in 2009 as senior vice president after working for six years at Service Credit Union in New Hampshire and 10 years for Callahan & Associates in Washington, D.C.

“I have been working with the board for over four years on a comprehensive transition plan. I personally selected Ray Springsteen as the senior vice president with thoughts that someday he would ultimately take my place. The board has chosen for that to be the case,” Rissel said.

“This process assures a seamless change to new leadership while maintaining the same high standards of quality member service, value of products and strength of the organization that we have enjoyed for many years. Ray will continue the same strategies for creating member value,” said Jo Exler, chairman of the Board of Directors at Fort Knox Federal.         

During Rissel's tenure, Fort Knox Federal's assets have grown tenfold and its branch network from four offices Hardin County to 15 branches serving all of central Kentucky, the credit union said.

“During my tenure I have tried to build a family environment. The board wants that environment to continue. That is one of their reasons for selecting a person from within,” Rissel said.