MANHATTAN BEACH, Calif. – Ailing Kinecta FCU said last night it has hired respected credit union industry veteran Steve Lumm as its interim president and CEO.
The $3.8 billion credit union, which had a $63 million loss for the first three quarters of 2009, announced the departure of its CEO Simone Lagomarsino just before year-end.
Lumm brings decades of credit union experience experience to Kinecta. During his 12-year tenure as president/CEO of Addison Avenue FCU (formerly HP Employees FCU), he led its growth from $480 million to $1.8 billion in assets. He also was instrumental in establishing its CUSO, Addison Avenue Financial Partners, which managed $1.7 billion in assets at the time of his retirement in early 2007. Since his retirement, Lumm has actively consulted with credit unions across the country with Nice Enterprises, Inc.
Prior to taking on the Addison Avenue FCU CEO role, Steve served in leadership positions at Hewlett-Packard in finance and marketing. During this period he was chair of the HP Employees FCU board of directors and chair of the supervisory committee.
