Two CEOs Retire, Two CEOs Named
Credit unions in New Jersey and Iowa announce CEO retirements and replacements.
Garden Savings Federal Credit Union in Parsippany, N.J., announced Monday that its CEO Lou Vetere will retire after 17 years as its leader at the end of this year. Garden Savings’ ($414 million in assets, 26,975 members) board of directors voted to make current Chief Sales Officer and Vice President of Lending and Marketing Michael Powers the next CEO as of Jan. 1, 2023.
“It has been an honor and a privilege to lead this wonderful team as we helped our members achieve their financial dreams,” Vetere said. “I have been fortunate to be supported by a professional board, excellent executive team and an amazing staff my entire career, which have all helped propel Garden Savings to a high level of success.”
According to a statement from Garden Savings, during his tenure as CEO Vetere has grown the credit union from $135 million in assets. He will continue serving on the board of directors once retired.
Chairman of the Board Paul Mercer said, “Lou leaves behind a fantastic legacy here at the credit union. He has accomplished a great deal and we are all very proud of that. We look forward to Mike accomplishing great things as the next president and CEO and to Lou continuing to provide insight and wisdom from his board of directors position.”
A 29-year credit union veteran, Powers has been at Garden Savings for the past 13 years. “It is an honor to be chosen as the next president and CEO of Garden Savings Federal Credit Union,” Powers said. “Lou Vetere’s legacy here is outstanding and I look forward to continuing to build upon that legacy while insuring that Garden Savings is well positioned for future growth and success.”
At Premier Credit Union ($288 million in assets, 19,572 members) in Des Moines, Iowa, the credit union also announced Monday that it named Megan Tjernagel as its next CEO. Tjernagel succeeds Steve Flamm, who retired as CEO in July after serving the credit union for 25 years.
Tjernagel is currently the CEO for Premier Lending Alliance, the CUSO of Premier Credit Union.
A statement from the credit union read, “In addition to her new role at Premier Credit Union, Megan will continue to provide leadership and oversight for Premier Lending Alliance. With her collaborative style of leading, enthusiasm for the credit union industry, and passion for business growth and strategic outlook, Megan is the perfect individual to lead Premier Credit Union as we soon enter our 90th year in business.”