Lester Warby has been selected as the new president/CEO of the $12 million Wolf Point Federal Credit Union.

He succeeded Michelle Johnson who retired from the top position Oct. 14.

She will continue, however, to serve on the board of directors for the Wolf Point, Mont.-based cooperative, according to a prepared statement.

“We are fortunate enough to retain Michelle Johnson's knowledge and expertise,” Warby said.

Warby brings more than 15 years of experience in the financial services industry to Wolf Point, which serves more than 2,500 members.

He most recently served as an IT vice president for the $241 million AEA Federal Credit Union in Yuma, Ariz. As part of the management team, he successfully worked to stabilize expenses and improve capital at the cooperative, according to a Wolf Point prepared statement.

In December 2010, the NCUA placed the AEA FCU into conservatorship after an 11-month FBI investigation revealed that William Liddle, who worked as vice president of business services, orchestrated a $25 million business loan kickback scheme.

Liddle, along with his wife Rhonda, and Frank Ruiz, an Arizona businessman, played a role in the fraud. Following their convictions, they were sentenced to federal prison.

Though the AEA FCU's future was uncertain, it continued to operate posting a 1.81% ROA, above peer average of 0.56%, according to the credit union's June 2014 NCUA financial performance reports.