PSCU has returned to the foundations laid by its founder David Serlo. The CUSO announced Friday it selected Chuck Fagan as CEO to replace former CEO Mike Kelly.
Kelly left PSCU abruptly on Feb. 9 and the nationwide payments CUSO named Chief Operating Officer Tom Gandry as interim CEO. Gandry will return to his former position on April 27 when Fagan takes the helm.
"Our board is delighted to welcome Chuck back to PSCU," said Mike Valentine, chairman of PSCU's board of directors, in a statement about the appointrment. "Chuck is credit union through-and-through and is the right, seasoned, proactive leader to develop and execute PSCU's vision for credit union success."
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"I am grateful for the confidence that the board has in me and I am thrilled to be returning to PSCU," Fagan said in the same statement.
"I learned the importance of delivering superior value to credit unions from PSCU's first CEO Dave Serlo and I am humbled to step in and continue the rich tradition of service leadership that Dave initiated so many years ago," he added. "I'd also like to express my deep appreciation to CUES and the members of its Board of Directors for giving me an opportunity to lead the organization that continues to play such an important role in developing credit union talent."
Fagan spent 27 months at CUES where became known for helping credit unions cultivate talent and forming a new Strategic Innovation Institute with the Massachusetts' Institute of Technology and Stanford University.
In an exclusive interview with CU Times, Fagan acknowledged that PSCU reached out to him when he attended CUNA's Governmental Affairs Conference, held in Washington from March 9 to 11. Prior to his position at CUES, he had spent 16 years at PSCU.
"CUES is such a great organization and performs such a critical role for credit unions that I am definitely grateful to the board here for the opportunity," Fagan said, but he added that PSCU and payments have been in his blood for a long time.
Fagan said his first priority when back at PSCU will be fostering and building relationships, both within PSCU and also with credit unions – some of whom had left the CUSO while PCSU was under Kelly.
"I plan to be very visible, out in the industry and with credit unions," Fagan said. "The values that David Serlo left in the foundations of this organization are still there and I plan to build on those as well as on the structure Mike Kelly added – a focus on allowing PSCU to move more quickly and to become more comfortable with technology," he added.
He also anticipated that some of the relationships he built while working at CUES, particularly with executives from rival payments CUSO CO-OP Financial Services will continue and may provide opportunities for cooperation to benefit credit unions.
CO-OP Executive Vice President Caroline Willard, who chairs CUES' board of directors, congratulated Fagin in a release. Fagan said he has appreciated working with Willard in that capacity and he stregthened ties with CO-OP Financial Services President/CEO Stan Hollen during his time at CUES.
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