Carver Bancorp in New York said Deborah Wright will retire as chief executive at the end of the year. The company's current president will succeed her.
Wright will step down on Dec. 31 and will continue as chairman of the $644 million-asset Carver. Wright will join the Ford Foundation early next year as a senior fellow in its economic opportunity and assets program. She had been Carver's CEO since 1999.
Michael Pugh, president and chief operating officer, will succeed Wright as CEO. Pugh was named to those positions in January 2013.
The Office of the Comptroller of the Currency this month lifted a February 2011 cease-and-desist order which had required Carver from to raise capital and improve credit quality.