FROM THE CEO

To Our Members

As we begin 2021, my letter to the membership is more personal than usual. I have served as the President and Chief Executive Officer (CEO) of Maine Savings for over thirty years. At the end of 2020, I will relinquish my title of President and maintain the position of CEO. I’m extremely pleased to announce the promotion of Vanessa Madore, our current Chief Operations Officer, to President. I will remain the CEO until January of 2023, and at that time Vanessa will assume the role of President and CEO. I will continue to operate in an advisory capacity to Vanessa for an extended period of time.

It’s critical to the well-being of the Credit Union that a solid Succession Plan is in place. The Board, our staff, and you—our members—need to know that we have well-thought out plans in place for the long-term. Obviously, the position of President and CEO is a key position and it’s important to me that we be as transparent as possible. This was announced to our staff in November.

We are certain that 24 months will provide for an extremely orderly and efficient transition process. Over the next two years, Vanessa’s responsibilities will change and increase as she assumes more of my duties. The Board and Senior Management are confident in this succession plan and fully support its implementation.

Vanessa is extremely qualified to lead Maine Savings after my retirement, and that is why she has been chosen to be our next President, and in two years, our CEO. But furthermore, as a father to four daughters and grandfather to four granddaughters, I’m especially pleased that the next Maine Savings President and CEO will be a woman. There are still too few female CEOs and it’s important that companies foster a rich diversity of both men and women. Perhaps Vanessa will help to spur this healthy trend for women in banking.

It’s also important to note that Vanessa began her career with Maine Savings as a Teller in 2004 and worked her way up through positions of progressive responsibility. Her career progression is an inspiring story for all who desire to advance their banking careers.

I have been truly blessed to lead this organization for so many years. Together we’ve experienced incredible growth of your credit union as we’ve all navigated through exciting innovations and changes in the banking industry. And I’m thrilled that I have two years left to continue to work ever so hard for our membership.

It’s important for me to note that a person is only as good as the people with whom they surround themselves. And I can sincerely say that every member of our Senior Management team is the BEST in the State at what they do every day. In fact, the reason I’m still working is because I absolutely love our business and I love the people with whom I work side-by-side every day. If not for that—I’d already be retired. I want our members to know that this is a rock-solid succession plan that will surely propel us to even greater heights as we progress through it. It will most certainly be a dynamic process that will grow right along with your great credit union. As always, thank you for your continued business.

I wish you all a happy and healthy 2021.

John Reed Chief Executive Officer

SUCCESSION PLAN ANNOUNCED