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Bill Maurin is stepping down as president and CEO of Meridian Credit Union Ltd. and Motusbank, Meridian’s digital bank subsidiary, effective May 31, the firm said Monday in a release.

Maurin held the top role at the St. Catherines, Ont.-based credit union for the past seven years and worked at the firm for the last 18 years.

Gary Genik, Meridian’s COO and senior vice-president of operations and technology, has been appointed interim president and CEO of both Meridian and Motusbank, effective June 1, while Meridian’s board conducts a search for a replacement. Maurin will remain with the credit union in an advisory capacity until July 31.

In the release, Meridian indicated that changing member needs, marketplace factors and “accelerated forces in the financial industry” were the catalysts for discussions between Meridian’s board and Maurin about the credit union’s future direction.

The completion of Meridian’s current growth plan at the end of 2021 was “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.”

In the release, Meridian chairwoman Karen Farbridge thanked Maurin for helping Meridian to grow assets under management (AUM) from $10 billion to $26.5 billion (Dec. 31, 2020) during his tenure. She also credited him with cultivating “a collaborative yet entrepreneurial culture” at Meridian and navigating the credit union through the Covid-19 pandemic.

“Meridian has been indelibly shaped by Bill’s imprint,” Farbridge said.

Maurin plans to pursue outside interests and spend more time with family, he said in the release.

“I have every confidence that Meridian will continue to tell a compelling growth story,” Maurin said.

Meridian is Ontario’s largest credit union and the second largest in Canada by AUM. Meridian launched subsidiary Motusbank in 2019.