Editor's Note: This story has been updated to include a statement from NCUA.
ALEXANDRIA, Va.–NCUA Executive Director Mark Treichel has decided to leave the position ahead of his scheduled departure.
The move means Larry Fazio, who had been leading the agency’s Office of Examination and Insurance, will move into the position earlier than scheduled, with CFO Rendell Jones becoming deputy executive director and chief operating director.
As CUToday.info reported here, in January
NCUA announced in January Treichel would be retiring effective June 30 after 33 years with NCUA, including the last seven as executive director. Fazio, who joined NCUA in 1991, was named at that time to succeed Treichel.
In a memo sent Monday to NCUA staff, Treichel praised Fazio and Jones as an “excellent team” and noted he has been serving as co-executive director with Fazio since January, with Fazio scheduled to take the lead in May.
Since the announced transition, however, Treichel said in the memo he has been working to sell his home in Alexandria—his seventh move since joining NCUA—and that because “moving is never easy…it became clear that trying to do so while also serving as the lead executive director made little sense. Additionally, experience has shown me it is better to transition leadership early in a crisis situation than in midstream. As such, I’ve asked the board, and they have approved, completing the transition to Larry effective today.”
Remaining Through June 30
Treichel said he will remain part of NCUA’s Office of the Executive Director through June 30 to assist with the transition.
As CUToday.info reported here, Treichel was recently named in an investigative report by NCUA’s Office of the Inspector General as the person, along with then Deputy Executive Director John Kutchey, who received allegations from then Deputy General Counsel Lara Daly-Sims that she and former General Counsel Michael McKenna had engaged in activities that included drinking during working hours and trips to strip clubs. Daly-Sims has alleged those activities were directed by McKenna.
Kutchey has since been named to lead NCUA’s Eastern Region office.
Statement From NCUA
Following the initial reporting of this story, NCUA issued a statement to CUToday.info that reads: "When Mark Treichel announced his intent to retire in January of this year, he agreed to serve double encumbered as Executive Director through June, so the NCUA could do the appropriate knowledge transfer among Mark and the new leadership team in the Office of the Executive Director. The power the Board delegated to the Executive Director was initially planned to transfer to Larry Fazio on May 1, 2020, although Mark would continue to serve double encumbered as Executive Director through June. At Mark’s recommendation, the Board decided the agency would be best served by transferring the Board delegations to Larry now because experience taught Mark that moving the Executive Director delegations midstream during the coronavirus crisis would not best serve the agency. Mark and Larry will continue to serve double encumbered as Executive Director until June 30, 2020."