Quorum Federal Credit Union in Purchase, New York, named Jeffrey Pachter as its next CEO.
Pachter, who is currently the $ 957 million-asset institution’s president, will succeed Bruno Sementilli, who is retiring next year.
Sementilli will assist with the transition, which will be effective February 1, 2022.
“Jeff’s leadership, business and financial acumen and proven performance at Quorum make him the natural choice to succeed me as CEO,” Sementilli said in a June 30 press release. “The company is well-positioned for future profitable growth, and I have full confidence that Jeff will continue to advance our success.”
Sementilli spent 38 years with the credit union after joining the organization as a loan officer in 1983. He later became a branch manager and was appointed CEO in 2004.
“This leadership transition comes at the right time for Quorum,” Mark Werner, Quorum’s chairman, said in the press release. “Our history has been built by focusing on delivering the right products to the right customers at the right time and we’ve experienced significant growth and positive momentum with this strategy across the company.”
Pachter joined Quorum in 2014 as CFO and chief operations officer.
Quorum FCU earned $ 2.5 million in the first quarter, after earning $ 181,000 a year earlier, according to call report data from the National Credit Union Administration.