Gary Furtado will retire as president and CEO of Navigant Credit Union in Smithfield, Rhode Island, by the end of the year.
The $3.2 billion-asset credit union said it has formed a committee to conduct a national search for his successor.
Furtado, who has been with Navigant for 44 years, will continue as the chief executive while the search is ongoing, Navigant said.
He will work with his successor and the board on a transition plan when a decision on his replacement is made. The board expects to name a successor in the coming months.
“Serving as Navigant Credit Union’s president and CEO has been a privilege, an honor and one of my life’s greatest joys,” Furtado said in a press release.
He joined Navigant Credit Union, then called Credit Union Central Falls, as an accountant in 1978 and was named president and CEO in 1987.
Navigant serves more than 125,000 members with 23 branches and is the largest credit union in Rhode Island.
“Gary Furtado is a bona fide visionary leader, a quintessential representative of credit union principles and values and a respected mentor and friend to the countless colleagues he’s touched over the course of his career,” Ann Kashmanian, Navigant’s chairman, said in the press release.
Navigant earned $8.9 million in the first three months of 2022, a 30% increase from a year earlier, according to call report data from the National Credit Union Administration.
