The soon-to-be two-person NCUA Board plans to name a successor to retiring Executive Director David Marquis in November, Chairman Debbie Matz told Credit Union Times late Tuesday.

The new executive director will probably be promoted from within the agency, she said. The NCUA Board can, but is not required to place an advertisement to recruit outside candidates, she added.

“I suspect we will make a decision from the candidates we have internally,” Matz said, adding that the board already has some candidates in mind. However, Matz would not reveal who is included in the group.

All NCUA executives participate in succession planning, and receive training as part of the selection process, Matz said.

“Even though we have not made a decision as to who will succeed Dave, we have confidence we will select someone who will do a good job,” Matz said.

The NCUA announced Marquis’ retirement on Monday. He has put in 34 years with the regulator, rising up from the ranks after joining the agency as an examiner in Baltimore in 1978.

Matz said Marquis will be difficult to replace not only because of his experience and tenure, but because “he’s a wonderful person to work with.”

The executive director, who replaced the retired Leonard Skiles in 2009 after serving as Director of the Office of Examination and Insurance, has earned a well-deserved retirement, Matz said, but there is also opportunity ahead in bringing in a “fresh set of eyes” with new experiences and ideas.

“Ultimately, change is usually good,” she said.