Workers' Elevates Petersen to CEO, Replacing Healey
The $800 million Workers' Credit Union of Fitchburg, Mass., said Friday it has promoted Douglas J. Petersen, its interim president/CEO, to permanent status.
Petersen succeeds Frederick D. Healey, the current chairman of Credit Union Executives Society, who left suddenly in December.
Online media reports in western Massachusetts had suggested Healey had been fired. Petersen said "we cannot comment on private matters" involving employees.
Before being named interim president in December, Petersen served as executive vice president, chief financial officer and treasurer for the 67,000-member credit union over the past 15 years. Petersen will also continue to serve as chief financial officer and treasurer in the short term.
"Doug's contributions during his tenure were responsible for delivering outstanding results, which has made Workers' Credit Union one of the strongest financial institutions in the state," said Marina Raher, chairman of the board. "His appointment will ensure the credit union's continued success."
Petersen joined the credit union in 1995, as treasurer and chief financial officer, after 11 years in financial services. He holds a bachelor's degree in accounting and a master's degree in finance from Bentley University, in addition to graduating from the Stonier Graduate School of Banking.
Petersen also serves as president of its CUSO, Workers' Financial Services, LLC and serves on the board of directors of four CUSOs. In addition, he holds his NASD Securities Series 7 and 66 licenses.
"Doug is well-respected among his peers and has played an important role in the success of Workers' Credit Union," said a statement issued by Dan Egan, president of Massachusetts Credit Union League.
Workers' Credit Union, founded in 1914, has 14 offices.
Petersen told Credit Union Times his CU "had a pretty good year" in 2010, earning $7 million and experiencing a 10% growth rate.