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Maine Savings FCU has announced a succession plan that will lead to the retirement of longtime President and CEO John Reed. Vanessa Madore, the credit union’s current Chief Operations Officer, will be promoted to President at the end of 2020. Reed will remain CEO until his retirement in January 2023, at which time Madore will assume the role as President and CEO.
“Our succession plan is solid and transparent, and will allow me to work closely with Vanessa over the next 24 months to ensure a smooth transition,” said Reed.
Reed joined Maine Savings FCU in 1990 as only its second President/CEO in its long history. Since that time, the credit union has grown a number of subsidiary companies that in their own right have become substantial players in the Maine financial landscape. CUSO Home Lending and Business Lending Solutions have grown to become some of the largest organizations offering residential home loans and business lending to Maine communities.
Madore grew up in Hampden and has been with Maine Savings FCU for 16 years. She currently serves as its Chief Operations Officer. She started her career as a teller, following her graduation from Smith College. In her tenure, Madore has held many positions and has grown her career through various promotions.
In addition, she is a Class of 2013 Bangor Region Leadership Institute alum. She also received her Masters of Business Administration from Southern New Hampshire University in 2015. Most recently, she received the Highest Award for Achievement from the Dale Carnegie Course in 2019.
Madore is involved in her community and is a fierce advocate for Maine elders. She serves as a Board of Director for Legal Services for the Elderly and is a member of the Maine Council for Elder Abuse Prevention’s Education and Awareness Committee. Her passion for her work has allowed her to create a rewarding career that she is blessed to continue with the announced succession plan.
“For Vanessa, it’s an opportunity to build on the mission of the credit union, its focus on staff development, the financial well-being of its members and being an active participant in the local communities within which we all live and work,” said Reed.
“I am honored to be selected to serve as the third President and CEO of Maine Savings in its 60-year history,” said Madore. “In this role, I plan to focus on our vision, values, employee engagement, products, services, our member service standards, and our communities. I will continue our legacy of people helping people while ensuring that our approach is always member-centric. Our goal is to be there for our members at all life stages and ultimately to be their financial life partner.”