New Hampshire authorities are investigating a snowmobile accident that claimed the life of Peter Kavalauskas, 62, president/CEO of $994 million Northeast Credit Union in Portsmouth, N.H.
Kavalauskas had recently announced his retirement.
New Hampshire Fish and Game officials told local media Kavalauskas died after a snowmobile he was driving hit trees on the shore of Millen Lake in Washington, N.H. at about 1 a.m. Saturday. He was pronounced dead at the scene, the Associated Press reported. Washington is a small town in southwestern New Hampshire.
Local law enforcement officials and NECU were not immediately available for comment.
A newspaper article in the Foster’s Daily Democrat cites relatives who said the Kavalauskas family had a vacation home on nearby Highland Lake for years. They also said Kavalauskas knew the terrain well.
Although the accident is still under investigation, authorities believe speed may have been a contributing factor, according to local media reports.
Kavalauskas and NECU announced on Feb. 6 he was retiring from the credit union after 35 years of distinguished service. Kavalauskas had said he expected to continue to lead the credit union until the new president/CEO would be hired in June, according to the online news service that posts articles produced by New Hampshire newspapers.
The death of Kavalauskas marks the second time in a month that an accident claimed the life of a high-profile credit union executive.
On Jan. 10, Larry Dodge, died after his motorcycle came into contact with a car in Los Angeles. He was well-known executive veteran who worked in the California credit union industry for more than 20 years.
At the time of his death, Dodge, 65, had just been hired as vice president of operations for $24 million Printing Industries Credit Union in Commerce, Calif. He also served as president/CEO of the Nissan Federal Credit Union and vice president of branch administration for Toyota Motor Federal Credit Union.