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July 17, 2023

Workers Credit Union long-time CEO Doug Petersen retires

The second-largest credit union in Central Massachusetts, Littleton’s Workers Credit Union, will have a new leader, as longtime President and CEO Doug Petersen retired on Friday. 

Photo | Courtesy of Workers Credit Union
Doug Petersen retired as Workers Credit Union president & CEO on July 14.

Jay Champion will join WCU as interim president and CEO on Tuesday, according to a Friday press release. Champion will lead the credit union during the transitional period as the board of directors searches for a permanent replacement for Petersen.

Petersen joined WCU in 1995 as chief financial officer. As CEO, he oversaw growth at the credit union from $796 million in assets in 2011 to $2.6 billion as of March 31, 2023. In 2019, WCU began construction on a new 60,000-square-foot headquarters, moving the credit union from Fitchburg to Littleton. Construction was completed in December 2020.

Champion had served as president & CEO of Colorado-based Westerra Credit Union since 2018 until he announced his resignation in May, according to a May press release from Westerra.

“Workers is firmly focused on empowering members to achieve financial wellness and we’re confident in Jay’s ability to provide the leadership needed to continue fulfilling this mission,” WCU Board Chair Mary Heafy said in the WCU press release. “As a seasoned financial institution leader, Jay understands the industry and has the skills needed to maintain our team’s delivery of top-notch member service.”

Workers Credit Union is  the second largest credit union, when ranked by assets based in Central Massachusetts, according to the WBJ Research Department. As of March 31, WCU has more than 124,000 members and employs 372 people full-time.

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