Bob Cipriani, president/CEO of Octant Business Services LLC, will retire once a successor is named, the business lending CUSO said Monday.
Cipriani has served as CEO since 2006 of the Littleton, Mass.-based Octant, which is owned by nine New England credit unions.
Under Cipriani’s leadership, the CUSO has experienced growth by expanding its business-loan underwriting, servicing and portfolio administration services to more than 25 credit unions, increased the CUSO’s financial stability and improved operational efficiency, said Tom White, chairman of Octant’s board of managers.
Cipriani said he will work with the board to ensure an orderly transition. Smith & Wilkinson, a regional executive search firm, is assisting a search committee formed by Octant’s board to identify Cipriani’s successor, the CUSO said.
“Octant has a strong management team and excellent employees, and it’s been a privilege to work with them,” Cipriani noted. “Together, we have grown the business, strengthening our position as the partner of choice for financial success.”
Cipriani has more than 25 years of commercial lending experience, including with BayBanks and Bank of New England, which was acquired by Bank of America, Octant said when Cipriani was hired. Prior to coming to the CUSO, he ran his own business, Fidelity Communications Corp., a print, mail and fulfillment marketing firm, for 16 years.
Octant is owned by Align Credit Union, Lowell, Mass.; Bridgewater Credit Union, Bridgewater, Mass.; Digital Federal Credit Union, Marlborough, Mass.; Eastern Corporate Federal Credit Union (EasCorp), Burlington, Mass.; Granite State Credit Union, Manchester, N.H.; Jeanne D’Arc Credit Union, Lowell, Mass.; Northeast Credit Union, Portsmouth, N.H.; Rockland Federal Credit Union, Rockland, Mass.; and First Citizens’ Federal Credit Union, Fairhaven, Mass.