Central 1 CEO Announces Intention to Step Down

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 19, 2017) - Central 1 CEO Don Wright today asked the Central 1 Board to begin the process of choosing his successor. To ensure a successful transition, Wright plans to stay on at Central 1 until a new CEO is chosen.

In announcing his decision, Wright said, "I have enjoyed my time at Central 1 and am proud of the progress we have made over the past three and a half years. We are about to embark on the planning process for a new strategic plan, and the organization needs a CEO who can make a multi-year commitment to execute that plan. Given where I am at in my life, that is a commitment I cannot make. For that reason, I believe the best thing for Central 1 was for me to ask the Board to begin the process of choosing my successor."

"We understand but regret Don's decision to want to step down," said Rick Hoevenaars, Chair of Central 1's Board of Directors. "Don genuinely lives the values of the organization. His leadership has created a legacy of member-centricity, along with an organization that he leaves stronger than when he joined Central 1. We sincerely thank him for his contributions."

The process of selecting a new CEO will begin immediately.

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.3 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to about 300 credit unions and institutional clients from coast to coast.

In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial network that collectively serves 3.3 million members and holds more than $116.8 billion in assets. For more information, visit www.central1.com.