TORONTO, Sept. 5, 2012 /CNW/ - Alterna Savings and Credit Union today
announced that after 36 years in the banking industry, including more
than five as President and CEO of Alterna Savings and its subsidiary
Alterna Bank, John Lahey has decided to retire on December 31, 2012.
During his time at the company, Mr. Lahey successfully led Alterna
Savings and Alterna Bank through a period of significant change. He
joined the company in 2007, shortly after The Civil Service
Co-operative Credit Society, Limited (CS CO-OP)/ Metro Credit Union
merger and worked to steer Alterna through a successful integration.
His many successes helped demonstrate that credit unions are not only a
viable, competitive alternative to the traditional banks, but in
today's marketplace, the only type of institution that credibly
balances people, community and financial stewardship.
Mr. Lahey and the Board of Directors agree that continuity of leadership
is critically important to Alterna. As such, the Board has started the
process of appointing a CEO Selection Committee to ensure that strong
leadership is in place as Mr. Lahey transitions into retirement. During
this time, Mr. Lahey will continue to lead the company to ensure that
members can continue to expect the same level of outstanding service
they've traditionally enjoyed from Alterna.
"I would like to thank Mr. Lahey for his leadership, dedication and
commitment to the success of Alterna and I wish him a long, happy and
healthy retirement," says Duncan Munn, Chair, Board of Directors, Alterna Savings and Credit Union
Ltd. "Mr. Lahey built a foundation for the company's future growth and
achieved the type of controlled, risk managed environment that
regulators and members both need and expect. That culture and
discipline is a lasting contribution to the Alterna Savings Group for
which the Board of Directors offers its sincere thanks and appreciation
to Mr. Lahey for his work."
Mr. Lahey brought extensive experience to his role at Alterna, having
spent his career in the financial services sector. Prior to Alterna,
Mr. Lahey served six years as President and Chief Executive Officer of
Hamilton based FirstOntario Credit Union. He came to the credit union
sector with almost 25 years at CIBC in positions of increasing
responsibility. Prior to leaving CIBC in 2000, he served as Senior
Vice-President and Chief Operations Officer in the E-Commerce division.
Mr. Lahey's voluntary contributions include participation as a Director
of the CUMIS Group as well as Director, Chair and Corporate Secretary
of the CUCO Co-operative, an investment company managing distressed
asset backed securities on behalf of Ontario credit unions. He
currently serves as Chair of the Canadian Business Owners' Strategy
(CBOS), a national collaborative effort amongst credit unions operating
in the small business sector. He has also served on committees at the
Deposit Insurance Corporation of Ontario, Central 1 Credit Union as
well as the former Credit Union Central of Ontario. He is a former
Governor of the University of Guelph, a former Director of Selient
Technologies Inc. and a past Campaign Chair, Small Business for the
London Health Sciences Centre, London, Ontario.
Mr. Lahey holds a BAA from Ryerson University and an MBA from York
University. In November 2005, Ryerson University honoured Mr. Lahey by
awarding him the coveted Alumni Award of Distinction. He has two
daughters, Kate and Elizabeth, and makes his home in Toronto.
About Alterna Savings
Alterna Savings is a full-service, member-focused, and community-based
credit union that operates in the National Capital Region and the
Greater Toronto Area. Guided by a commitment to support the well-being
of members, employees and communities, Alterna offers a broad range of
financial products and services to over 100,000 members. Learn about
the Alterna Savings difference at www.alterna.ca.
SOURCE: Alterna Savings
For further information:
Pamela Stewart, Vice President & Chief Marketing Officer
416-252-5625 ext. 7703