Interim President and Chief Executive Officer appointed for Canada’s second largest credit union
Toronto, ON (May 25, 2021) − Meridian announced today that Bill Maurin, President & CEO of Meridian/motusbank, is stepping down from his post effective May 31, 2021 after a successful seven-year tenure in his current role and 18 years with the organization.
Meridian’s Board of Directors has appointed Gary Genik as Interim President & Chief Executive Officer, Meridian/motusbank, effective June 1, 2021, while the Board conducts a search for Bill’s long-term replacement. Bill will be staying on to assist the interim CEO in an advisory capacity until July 31, 2021 to ensure a smooth transition.
“Meridian has been indelibly shaped by Bill’s imprint,” said Karen Farbridge, Board Chair, Meridian. “Meridian has built a strong and agile strategic framework, experienced a remarkable growth trajectory, and cultivated a collaborative yet entrepreneurial culture. Most recently, Bill has been successfully navigating the organization through COVID. We acknowledge and deeply thank him for his years of dedicated service and foresight.”
Under Bill’s leadership, Meridian has grown its assets under management from $10 billion to $26.5 billion as of end of 2020, expanded its digital banking offering and increased its branch footprint by nearly 50 per cent. During this time, the organization also brought in two fully owned subsidiaries, Meridian OneCap Credit Corp. and motusbank.
Changing Member needs, pressing external factors in the marketplace and accelerated forces in the financial industry have been the catalyst for the Board and Bill to engage in important discussions about the future direction of Meridian.
With the completion of Meridian’s Blueprint for Growth strategy at the end of 2021, this is a logical window to accelerate succession planning to ensure the organization is well-positioned to move through a transformational period and develop the next corporate strategy.
“It has been a privilege to work with such a passionate and committed team across Meridian over the years. It is their commitment that has brought our strategic plans to life and driven the organization to grow to be the second largest credit union in the country,” said Bill Maurin, President & CEO, Meridian/motusbank. “I have every confidence that Meridian will continue to tell a compelling growth story, fueled by its commitment to building resilience for our Members and helping Canadians achieve a better life.”
Bill has expressed his intentions in pursuing outside interests and spending more time with his wife Lori and his family.
Gary is well-positioned for this interim role, having served as Meridian’s Senior Vice President of Operations & Technology since 2009 and Chief Operating Officer since 2018. Gary has very successfully supported Meridian’s business plans by delivering cost-effective technology solutions and business transformation strategies. He will be strongly supported by an experienced and capable Executive Leadership Team, as well as receiving transition support from Bill for the next two months.
“The Board wholeheartedly welcomes Gary in his role as Interim President & Chief Executive Officer and will be working with him closely to ensure continued progress is made on all important activities currently underway,” said Karen.
As per Board policy, an independent firm has been retained to help conduct the search for a new President & CEO. The search is national in scope and will follow Board policies and procedures including diversity and inclusion to ensure that Meridian finds the most qualified candidate for the position.
With more than 75 years of banking history, Meridian is Ontario’s largest credit union and the second largest in Canada, helping to grow the lives of more than 370,000 Members and customers. Meridian has $26.6 billion in assets under management (as of March 31, 2021) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian cardholders have access to over 43,000 surcharge-free ATMs in North America with THE EXCHANGE® Network and the Allpoint Network in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.
For more information:
Scott Windsor, Vice-President, Corporate Communications