MARLBOROUGH, Mass. – Digital Employees FCU announced yesterday that Carlo Cestra is retiring as CEO in March and will be succeeded as head of New England’s largest credit union by long-time chief financial officer Jim Regan.
Cestra came to Digital in 1995 just after a financial scandal had landed its former CEO Richard Mangone in jail and as the credit union’s chief corporate sponsor, computer giant Digital Equipment Corp., was being merged out of existence. But through an aggressive expansion through more than 800 select groups the credit union has thrived, while growing to $4.3 billion. It reported a strong $20 million in net income for the first three quarters of the year.
Cestra grew the credit union membership from 67,000 to more than 367,000.
Cestra has worked in the credit union movement for almost 40 years and served as CEO of AT&T Employees FCU in New Jersey and Suffolk FCU in New York before going to DCU.
Regan’s appointment came after a nationwide search encompassing 700 professionals. Regan began his career at DCU in 1991 as an internal auditor, was promoted to vice president of finance in 1995, and finally senior vice president and chief financial officer in 1996
