PORTSMOUTH, N.H. — After leading Northeast Credit Union for almost 30 years, CEO Peter Kavalauskas is retiring.
Kavalauskas plans to remain in his role until a successor is named, which the board expects will occur by June. The credit union has named a search committee and engaged an executive recruitment firm.
"It has been both an honor and a privilege to serve such an outstanding organization and its membership for over 35 years," said Kavalauskas. "Together the employees and volunteers have focused on the financial well-being of our members and the safety and soundness of our credit union, helping thousands upon thousands of people and ensuring the long-term viability of Northeast Credit Union along the way."
Kavalauskas joined Northeast CU in 1978 as the assistant general manager, was promoted to general manager in 1984 and was named president and CEO the following year. Under his direction, the credit union expanded from three branches in southern New Hampshire to 15 throughout the state, and assets have grown from $102 million in 1985 to over $957 million today.
Kavalauskas has been extremely active in the credit union industry for the past 40 years. He has volunteered with the New Hampshire Credit Union League since 1982 and has served in several positions including as a member of the board of directors, executive committee and as a past chairman of the board.
