HERNDON, Va. — Juri Valdov, the longtime president/CEO of Northwest Federal Credit Union, will step down on Dec. 31 to become the senior vice president for external affairs at the $1.5 billion financial institution.

NWFCU's board of directors announced today that Gerrianne “Winky” Burks will succeed Valdov effective Jan. 1, 2008.

The change is part of a planned succession strategy to provide a smooth transition and continuity of service to NWFCU's 90,000 members, the credit union said.

In his new role, Valdov will concentrate on growing and strengthening the credit union movement through his continued involvement with CUNA, where he served as chairman from 2005 to this year and in leadership roles in NWFCU's external CUSOs.

Valdov said he is “looking forward to the future challenges of continuing to grow the credit union movement while giving up his CEO responsibilities at NWFCU.”

“I have full confidence in Ms. Burks who has worked as my number two throughout my tenure as CEO here,” Valdov said. “I'm proud of everything we accomplished together and know that, as CEO, she will be instrumental in ensuring a prosperous future for our members.”