Brian Caldarelli and Chuck Fagan
CU Times spoke with Fagan and Caldarelli on Zoom Wednesday afternoon. Watch the full interview below:
Velera, one of the credit union industry's largest payments and technology providers, announced Wednesday that President/CEO Chuck Fagan will retire at the end of the company's fiscal year, with longtime executive Brian Caldarelli set to succeed him on Oct. 1.
Fagan, who has led the organization and its predecessor PSCU for more than a decade, will remain in his role through Sept. 30 to support the leadership transition. The move followed what the company described as a deliberate, multi-year succession planning process designed to ensure continuity and stability.
The leadership change came at a pivotal time for Velera, which was formed in 2024 through the combination of PSCU and Co-op Solutions. Under Fagan's leadership, the organization expanded its scale and invested heavily in digital capabilities, positioning itself as a central technology and payments partner to credit unions navigating rapid industry change.
"It has been an honor and a privilege to lead an industry asset like Velera for 11 years," Fagan said, pointing to the company's growth, innovation and client relationships.
Caldarelli, currently EVP and chief administrative officer, has been deeply involved in many of Velera's key strategic initiatives, including the integration of the combined organization and prior leadership transitions. He joined PSCU in 2012 as CFO and has more than 25 years of experience across financial services and corporate leadership roles.
"It is a great honor to have the opportunity to serve as the next President and CEO of Velera," Caldarelli said, adding that the company is well-positioned to accelerate growth and innovation.
Board Chair Cathie Tierney said the transition reflects the strength of Velera's leadership bench and confidence in Caldarelli's ability to lead the organization forward.
Velera serves more than 4,000 financial institutions across North America, providing services that include payments processing, fraud and risk management, digital banking and data analytics. The transition is expected to be seamless for clients, with both executives emphasizing continuity and long-term strategic focus.
For the credit union industry, the change signaled both stability and evolution, as one of its most influential service organizations prepares for its next chapter.
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