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April 17, 2024

Webster First CEO retiring after 37 years, to be succeed by VP

Two men in suits stand for a photograph Image | Courtesy of Webster First Federal Credit Union John Thomasian (left) is set to take over the role of CEO and president at Webster First Federal Credit Union, following the retirement of longtime leader Michael Lussier (right).

After nearly four decades, Webster First Federal Credit Union President and CEO Michael Lussier is calling it a career.

“As I reflect on my time at Webster First Federal Credit Union, I'm filled with immense gratitude for the opportunity to work alongside such a dedicated and talented team,” Lussier said in the press release. “I have always believed in providing exceptional customer service, implementing innovative solutions, and going above and beyond to support our members. Our entire team at Webster First FCU has done the same.”

Lussier, who first joined the Worcester-based credit union in 1987, will retire May 1, according to a press release issued by Webster First on Tuesday. John Thomasian, Webster First’s vice president of risk management, has been named by the credit union’s board of directors as Lussier’s successor.

“Michael’s notice of retirement allowed the Board of Directors time to establish a CEO selection committee to review its succession plan, hire a new CEO as well as assist in the transition from Michael to John Thomasian,” Christopher Daoust, chairman of the Webster First board, said in the press release. “The Board of Directors thanks Mike for his leadership and outstanding service to WFFCU and the credit union movement. We wish him all the best, secure in the knowledge that WFFCU has the capabilities and strategic focus to continue delivering quality service for its credit union members.” 

Under Lussier’s watch, Webster First grew from $87 million in assets in 1987 to $1.4 billion in assets in 2024. In 1995, he helped the credit union transition from a state charter to a federal charter, creating new growth opportunities. He served on the boards of multiple finance-related organizations, including the Massachusetts Share Insurance Corp. and National Association of Federal Credit Unions.

Thomasian rejoined Webster First in December 2021, after a nine and a half year stint with the company from October 2010 until March 2020, according to his LinkedIn profile. In between his stints at Webster First, Thomasian served as the senior vice president, chief financial officer, and treasurer for North Brookfield Savings Bank. A graduate of Nichols College in Dudley with a bachelor’s degree in finance and accounting, Thomasian serves as the chairman for the Town of New Braintree’s Finance Committee. 

“I couldn't be more delighted to see John Thomasian step into this role,” Lussier said. “John's leadership, integrity, and passion for our credit union are evident to all who know him. I have every confidence that under his guidance, Webster First Federal Credit Union will continue to thrive and uphold its reputation as a beacon of excellence in our community.”

In addition to the credit union’s $1.4 billion in assets, Webster First has 90,858 members, according to the National Credit Union Administration.

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