Greylock FCU’s CEO Resigns Amid Legal Probe

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PITTSFIELD, Mass. – Angelo Stracuzzi, the well-known CEO of Greylock FCU, resigned as president of the $1.2 billion credit union Friday, a week after stepping down from the probe to facilitate an investigation into his parole on misdemeanor assault charges overseen by a fellow board member.

The credit union cited Stracuzzi's failure to disclose his out-of-state criminal record as the reason for his removal.

The move comes one week after Stracuzzi and fellow longtime board member Clifford J. Nilan resigned their Greylock director positions amid a probe by the Massachusetts Probation Department into questions surrounding Stracuzzi's 2005 probation case. Nilan, a Greylock board member since 1994, is probation chief for Berkshire Superior Court.

Stracuzzi has been with the credit union since 1992 and has been CEO since 2003.

Greylock appointed Marilyn Sperling, a senior vice president, to serve as CEO on an interim basis.

“We have accepted the resignation of president and CEO Angelo Stracuzzi. This concludes a full evaluation that began in late May 2010 when this Board of Directors first learned of Angelo Stracuzzi's 2005 misdemeanor conviction,” said the credit union board in a statement Friday.

Massachusetts probation officials initially said Stracuzzi was supervised by Nilan after Stracuzzi's case was transferred from Maine to Massachusetts. But, Stracuzzi said he never met with a probation officer during his year-long probation sentence – an apparent violation of the court-ordered probation terms issued by a Maine judge. Credit union officials said they only learned recently of the criminal case against Stracuzzi.

 

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