Brian McDonnell Announces HisRetirement

VIENNA, Va. - (08/20/04) Navy FCU CEO Brian McDonnell announcedhe will retire as of Dec. 31, after working at the world's largestcredit union for 35 years, eight of them at the helm. DuringMcDonnell's tenure with Navy Fed, the CU has grown from $120million in assets and 200 employees to more than $22 billion inassets with 4,500 employees. "Brian has been a superb CEO who hasled Navy Federal to new heights," said John Lockard, chairman ofNFCU. "He has also been a passionate leader and supporter of thecredit union movement." "In many respects, Navy Federal has been mylife’s work and I’ve loved every minute of it,"McDonnell said. "Now I’m looking forward to doing volunteerwork, traveling with my wife, Pat, and spending more time with myfamily."