Michael Sauer has been named the new president/CEO of $1.8 billion Texans Credit Union effective immediately after serving in an interim role since January.

Sauer succeeds David Addison, who resigned on Jan.31 after six years of service. A member of Texans' board since 1992, Sauer served as chairman from 2002 to 2006 and has held other board positions such as vice chairman, treasurer and secretary. In addition to his career at Texans, Sauer served as the executive vice president and chief operating officer for a commercial products company and earlier as a vice president for a global manufacturing company.

Texans said it considered "several other, very well qualified individuals" before determining that Sauer was the best candidate.

"With his long and distinguished service to Texans Credit Union, and extensive business experience, Mike Sauer is eminently qualified to lead the organization going forward," said Judith Moore, chairman of the Texans' board of directors.

Sauer said he is up to the challenge of heading Texans, which is trying to emerge from a $46 million loss in 2008.

"We have a seasoned management team and staff in place to improve and grow Texans in a direction that will meet the expectations of our members and the communities we serve," Sauer said. "I'm looking forward to meeting today's challenges and future opportunities."