Allegacy FCU CEO Cathy Pace Announces Retirement

After serving her credit union since 1978, Allegacy Federal Credit Union President/CEO Cathy Pace’s retirement is officially on the horizon – she will depart from the $2.2 billion, Winston-Salem, N.C.-based credit union on Jan. 1, 2025, Allegacy announced Tuesday.

The executive search and leadership development firm DDJ Myers will work with the Allegacy board to facilitate a comprehensive search for Pace’s successor, the credit union said.

Pace’s 45-year-plus tenure at Allegacy makes her the longest-serving employee to ever work for the credit union. She joined as a switchboard operator when Allegacy was known as Reynolds Carolina Federal Credit Union and later rose through the executive leadership ranks, reaching the top post of president/CEO in 2013.

Under her leadership in various roles including vice president of marketing, business development and wealth management; SVP of marketing and business development; SVP and chief marketing officer; EVP; president; and president/CEO, Pace spearheaded numerous initiatives. These included the credit union’s 2001 name change and rebranding to Allegacy, the 2016 launch of the Allhealth Savings Account, Allegacy Investment Group’s growth to $1.5 billion in assets under management, and the credit union’s 20-year partnership with Wake Forest, which includes Wake Forest University and Wake Forest Baptist Hospital as Select Employer Groups. She has served on numerous boards and is currently chair of Greater Winston-Salem, Inc., among others.

“Cathy is incredibly visionary, and always willing to try new things,” stated Allegacy Board Chair Lisa Marshall, who is also chief philanthropy officer and vice president of the Office of Philanthropy and Alumni Relations at Atrium Health Wake Forest Baptist, where Pace serves as chair of the Comprehensive Cancer Center Regional Advisory Group. “She is the personification of Allegacy’s promise to always do the right thing, but she has never been just a one-woman show. What she has done is create an environment that fully engages her team, the members and the community-at-large that has created a gateway for a new CEO to be successful.”

In a letter to members announcing her retirement, Pace said she is “following the advice we have given to so many Allegacy members” in personally planning for a purpose-filled future, according to the announcement.

“Cathy has prepared us well,” Allegacy Chief Experience Officer and EVP Annette Knight stated. “Her influence is felt all through the hallways of the credit union and throughout the community. Her belief in all of us, her coaching and mentoring, her pushing us and developing us are all in an effort to help us be the best we can be. We are ready to embrace our future with another leader who will lead us forward. We are excited about our future and what we will do to grow our membership and expand market share in new areas. We have so much opportunity!”