Joe Nowland, CEO of Jax Federal Credit Union in Jacksonville, Fla., is leaving the institution less than a year after taking the helm.
A press release from the $415 million-asset credit union said that while Nowland and the Jax board remained on good terms, both parties “reached the conclusion that they had different visions for the future of the organization and have decided to part ways.”
A former executive at VyStar Credit Union, Nowland
Nowland will be succeeded at least temporarily by Chief Operating Officer Mary Svoboda, who has been named interim president and CEO. Svoboda has been with Jax since 2003 and was appointed to the dual role of chief operating officer and chief lending officer in 2017, which the credit union said was designed to prepare the institution for long-term growth and sustainability.
"Since the day Mary joined our executive team, she has earned the confidence of our employees, members and the board of directors,” said Chairman Charles T. McLeod Jr. “We are grateful for her years of service to the credit union movement, and her dedication to the credit union as we move forward in exploring leadership options.”
Net income at Jax FCU was $1.7 million last year, down more than 25% from 2018, along with a 14% increase in operating costs ($1.1 million).
