After taking a leave of absence in January as president/CEO of the$1.7 billion GTE Financial Federal Credit Union, Joe Brancucci saidhe officially retired Wednesday.

“It was a very intense six years, the credit union waschallenged when I got there in 2010 and it's been a very stressfulsix years, and it's time for me to do something else,” the65-year-old Brancucci said in an exclusive interview with CUTimes Wednesday. “Sometimes you just have to take abreak.”

Brian Best, GTE Financial's executive vice president and chiefexperience officer, who was appointed the acting president/CEO,confirmed Brancucci's retirement effective March 9.

“We wish him all of the very best,” he said.

Best declined to comment on whether the board plans to appoint asearch committee for a new leader.

Brancucci said he retired on his own terms.

In January, however, Brancucci and the GTE Financial board of directors mutually agreed that he take aleave of absence to allow the board to conduct a review.

Michael D. Lozoff, the credit union's attorney in Miami, saidthat he was not at liberty to specify what the board was reviewing,but he gave assurances that it was not related to any financialissues.

“I hadn't taken a lot of time off in the years that I had beenthere and it was mutually acceptable that we needed to have sometime to work out some challenges, and I needed to work on somepersonal challenges, and that's where we stood,” Brancuccisaid.

Brancucci did not elaborate on what those challenges were.

“I'm not going to address the rumors. The rumors are irrelevantto me,” he added. “I know the facts. The board knows the facts. Ihave decided to retire. The board accepted that decision. And wehad to deal with this to make sure it had the least impact on themembers, the employees, the credit union, and that's where we aretoday. I'm happy with the decision. They're fine with the decision.Everyone is on the same wave length here.”

Brancucci said he had been in discussions with the board abouthis retirement for more than a week.

“Everyone will agree in the industry that [GTE Financial] was avery big challenge to take on [in 2010], he said. “We were verysuccessful. We built a great team, a team that I have the utmostconfidence in.”

“It is time for the CEO of the future to take it to the nextlevel,” he said. “I am not the CEO of the future at my ageobviously. I'm very proud of what we accomplished. I'm very proudwith the way the board has acted on this issue. I'm very proud ofthe management team. And I think it is the right time for allinvolved to move to the next level.”

During his leave of absence, Brancucci said he had the time tothink and communicate with the board on the issues that werechallenging to him.

“In reality you have to look at the fact that the credit unionis healthy, vital, relevant to the community, and it needs aleader, in my opinion, that is going to be there for the next 10,15 or 20 years,” he explained. “That is pushing it for someone whois 65 years old. I think it is the right time for the board toselect the leader of the future. I think it is positionedincredibly well for the future. I think you are going to see greatthings from GTE Financial. I have all the confidence in that.”

He indicated that he plans to stay involved in the credit unionindustry in some executive capacity, but would not be specific andwould not say if he has received any offers from other creditunions.

“I've had a great career up until this point and I will continueto have a great career,” he said. “I will decide what I want to donext. The next thing is that I am going to look for something wheresomeone needs a three or five or seven year CEO to do a similarkind of thing, if I decide that is what I want to do.”

For now, Brancucci said he is going to take it easy and enjoyhimself by spending time with his family and friends, something hehasn't had the opportunity to do very often over the last sixyears.

Although Brancucci has officially retired, his photo stillappeared on GTE's Financial's home page at 2 p.m. Eastern TimeWednesday.

“Sometimes details don't get taken care of quickly,” helaughed.

Brancucci was appointed president/CEO of GTE Financial inJuly 2010.

During his tenure, loan production increased from $1 billion in2011 to $1.4 billion in 2015. Net income rose from $3.9 million in2011 to $9 million in 2015, according to NCUA financial performancereports.

Though the credit union's net worth was 8.01% at the end of2015, it was below the peer average of 10.98%. Its ROAA was 0.53%in 2015, below the peer average of 0.76%.

Additionally, GTE Financial's loan quality index was 2.58%,considerably higher than the peer average of 1.13% at the end of2015, according to the NCUA's financial performance reports.

Before joining the credit union, he worked as executive chairand founder of Prima Alliance Solutions Inc. for 13 years, andserved as COO for the $14.4 billion Boeing Employees Credit Unionin Tukwila, Wash. for 15 years.