IDAHO FALLS, Idaho — Westmark Credit Union has named Derik Nielsen as its new president and CEO, succeeding longtime executive Mike Schenck.
Nielsen began his new role July 27, with the credit union’s board describing the leadership change as the beginning of a new era for the Idaho Falls-based financial cooperative.
Nielsen succeeds Schenck, who served Westmark and its members for more than 30 years. The board thanked Schenck for his service and wished him and his family well.
“Selecting the chief executive officer is one of the board’s most important responsibilities,” Board Chair Steve Hammon said, according to the Idaho State Journal. “After careful consideration, the board is excited to appoint Derik Nielsen to lead Westmark into its next chapter. We have great confidence in his leadership and his ability to build on the strong foundation that has been established.”
Nielsen brings executive leadership experience in finance, operations, technology and strategic planning, the $1.65 billion credit union said.
Former Board Member
He also has an extensive history with Westmark, having served on the credit union’s board for nearly a decade. That experience provided Nielsen with insight into Westmark’s mission, culture and long-term strategic direction and makes him particularly well-positioned to lead the organization, Hammon said.
“I’m honored to have the opportunity to serve as Westmark’s next CEO,” Nielsen said. “Westmark has an exceptional team, a strong culture and a clear vision for the future. My priority is to support our employees, continue delivering outstanding service to our members and build on the incredible momentum underway throughout the organization.”
Westmark said it continues to experience significant growth while pursuing several strategic initiatives.
‘Incredibly Bright Future’
Those efforts include a partnership with Boise State University, branch remodels and the installation of new exterior branding throughout its branch network. The credit union also is enhancing its consumer and business banking products and continuing to invest in technology and the member experience.
“The future of Westmark is incredibly bright,” Hammon said. “Our strategy remains strong, and we are excited to continue serving our members and communities with the same commitment and purpose they have come to expect.”
Westmark CU has more than 84,000 members.
