Harvard credit union CEO to retire following 4-decade career

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Gene Foley, president and CEO of Harvard University Employees Credit Union, has announced his plans to retire this summer, after more than 40 years at the Cambridge, Mass.-based institution.

Gene Foley, CEO of Harvard University Employees Credit Union
Gene Foley, CEO of Harvard University Employees Credit Union

The credit union’s board has engaged KLR Executive Search Group to find a successor.

Foley joined HUECU as a teller in 1979, working his way up the organization until he was promoted to CEO in 1994. Under his watch the credit union has grown from less than $90 million in assets in 1994 to nearly $1 billion today. He also helped increase membership by expanding the credit union’s field of membership to include Harvard University students and alumni.

He also helped launch the Ivy League school’s first-ever financial literacy class, created in collaboration with teachers and students. The course has been part of Harvard’s curriculum for decades.

“Gene Foley exemplifies passion and dedication,” HUECU board chair George White said in a press release. “Throughout his impressive tenure of more than four decades, he has led HUECU to remarkable growth and success, while also being an influential voice and tireless advocate for the credit union movement. His commitment to our membership, Harvard University and the credit union industry is unparalleled, and through his efforts he has not only developed an outstanding organization, but has brought positive and meaningful changes for all of our constituents.”

Foley called his 40-year career “an exciting and inspiring experience," and thanked the CU’s staff and board of directors for placing their trust in him.

“I am immensely honored to have worked with so many incredible people during this time and to have done such meaningful work,” he said. “More importantly, I have had the privilege to play a part in helping to improve the financial lives of three generations of members.”

Call report data from the National Credit Union Administration shows Harvard University Employees Credit Union earned more than $6.8 million in net income last year, up nearly 5% from 2018.

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