Quorum Federal Credit Union Announces CEO Transition Effective February 2022

PURCHASE, N.Y., July 2, 2021 /PRNewswire/ -- Quorum Federal Credit Union's Board of Directors has appointed Jeffrey Pachter, currently President, as the Credit Union's next President and CEO, effective February 1, 2022. Pachter succeeds Bruno Sementilli who announced his retirement after 38 years with the Credit Union. Mr. Sementilli will assist with the transition until his retirement in 2022.

"Leading Quorum into the financial services company we are today has been one of the greatest honors of my life, and I know the company is in great hands," Sementilli said. "After nearly 39 years, I'm proud of the company we've built, humbled by the amazing people I've had the pleasure of working with, and pleased that the accomplishments we've achieved have helped to improve the lives of our members."

"Jeff's leadership, business and financial acumen, and proven performance at Quorum make him the natural choice to succeed me as CEO," Sementilli continued. "The company is well-positioned for future profitable growth, and I have full confidence that Jeff will continue to advance our success."

"This leadership transition comes at the right time for Quorum," said Mark Werner, Quorum's Chairman of the Board. "This year marks the 88^th year we've been serving our members. Our history has been built by focusing on delivering the right products to the right customers at the right time and we've experienced significant growth and positive momentum with this strategy across the company."

"As Bruno shared his overall retirement plans with us, we employed our succession planning process to consider and think about the leadership that would drive Quorum's success in the future," said Werner. "That led us to the selection of Jeff Pachter. Bruno and Jeff have worked closely together for the past eight years and will continue over the next several months ensuring an effective leadership transition. Jeff is a seasoned executive who knows our business. He brings a relentless focus on success for our stakeholders including members, partners, investors and employees, a strong track record of driving growth and innovation, and proven transformational leadership, all of which position him well for positive results. Our Board of Directors is confident that Jeff is the right leader to guide Quorum into the next era of growth as the company continues its transformation," Werner stated.

"I am deeply honored to have the opportunity to succeed Bruno and lead Quorum into the future," said Jeff Pachter. "Together with the Quorum Senior Leadership team and all our employees, I will work to build on the strong foundation that Bruno has put in place. I am excited and confident about our company's future and look forward to further accelerating the value we bring to all of our stakeholders."

Sementilli joined Quorum as a loan officer in November of 1983. He later became a branch manager with responsibilities that included almost every department in the company. He held positions as Vice President of Lending, other executive positions in Operations and Marketing, as well as serving in the capacity of Senior Vice President for many years before being named Quorum's CEO in December 2004. During his tenure at Quorum, he held Board and Officer positions at a number of non-profits, like New York Credit Union Association, CUC Mortgage Corporation, and Junior Achievement of Westchester. He is an ardent supporter of U.S. veterans and led charitable drives for both James J. Peters VA Medical Center, and the Disabled American Veterans Charity.

"On behalf of Quorum and the Board, I would like to thank Bruno for his outstanding leadership and deep commitment to the company. During his tenure, Quorum has transformed from a small credit union with less than 30 employees and less than 1,000 members to an almost $1B financial institution serving over 75,000 members and employing almost 150 employees nationwide," concluded Werner.

Pachter joined Quorum in 2014 as Chief Financial Officer and Chief Operations Officer. In this role, he oversaw all operations of the Credit Union, including Lending, Marketing, Operations, Information Technology, Finance/Accounting, Compliance and Facilities. Under his leadership, the organization significantly grew annual revenues and improved profitability and productivity through strategic transformation initiatives, restructuring and developing core strengths. In 2019, Pachter was appointed President maintaining oversight of all operations. In this role, he increased baseline ROA while managing multiple disruptions, a business model shift, and substantial investment in projects. He positioned the organization to outperform the peer group due to strong loan operations and guided the launch of the organization's multi-year strategy to focus on business transformation. Prior to joining Quorum, Pachter held senior executive positions with Time, Inc./Reader's Digest Association and Gartner.

Quorum Federal Credit Union (www.quorumfcu.org) is an online credit union headquartered at 2500 Westchester Avenue, Suite 411, Purchase, NY 10577. Founded in 1934 as the exclusive credit union for Kraft Foods employees, today the Credit Union serves over 50 companies nationwide including Ogilvy, Avon, Mondelēz International, Philip Morris International, Altria, and Kraft Heinz and has members living in all 50 states. Quorum is committed to delivering banking that's focused on its members, and how its products and services can help them live life as they choose. Its mission is to do good by them and for them, by returning profits in the form of competitive rates, low fees, simple rules, clear communication, frictionless delivery, and unbiased advice. It's called: Banking That's Good. For You.™

SOURCE Quorum Federal Credit Union

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