First Source Federal Credit Union has announced some changes to its executive leadership team, fulfilling a succession plan that the company says has been in the works since 2016.
Former Chief Executive Officer Mike Parsons has now taken over the role of Chief Development Officer, and former President/Chief Operating Officer Tom Neumann has become the new President/Chief Executive Officer. First Source says the new roles took effect on April 4.
A news release sent out by the company says Parsons will continue enhancing First Source’s member business services, and he’ll stay active in the community, economic development and political arenas. Parsons will also represent First Source with trade associations and the credit union industry, and assist in completing special strategic research projects.
“It is my absolute pleasure to work with such a talented, dedicated group of First Source Team members,” Parsons said in a letter to credit union staff. “Tom will do an exceptional job leading First Source, and he will work hard at maintaining the culture we’ve built over the years.”
“I wish Mike the best in his new role,” Neumann said in a news relase. “We’ve worked together for nearly 25 years to provide superior products and service to our Members, and keep pace with today’s ever-changing world and emerging technologies, allowing Members to achieve financial success. I look forward to leading this tremendous Member-driven organization toward a very bright future.”
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