Walls Ousted From NJCUL, Search Is On For New CEO

Published April 30, 2007, 1:00 a.m. EDT

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Updated August 27, 2020, 1:55 a.m. EDT

1 Min Read

HIGHTSTOWN, N.J. - The New Jersey Credit Union League is again looking for a new CEO following the dismissal of Robert S. Walls, Sr. The league declined to comment on the departure beyond issuing a statement that Walls is "no longer in the employ" of the league. Christopher Zahne, NJCUL's director of finance, has been named acting CEO. Walls left the Delaware CU League, where he had been CEO, in mid-2005 to fill a vacancy created by the termination of Thomas Shaughnessy, who would later plead guilty to embezzling nearly $300,000 from the New Jersey league.

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During a sentencing hearing, league employees also shared stories alleging intimidation and humiliation by Shaughnessy, who was sentenced to five years probation and 300 hours of community service, along with being required to make full restitution. Shaugnessy had earlier been promoted to CEO from within to replace Russell Clark, the former NCUA executive who was also terminated by the New Jersey league. The league said it has formed a search committee for a new CEO. "We wish Bob the best and thank him for his accomplishments during his tenure," said NJCUL Chairman Rina Pantano in a released statement.

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