Velera Announces Leadership Succession

Velera has announced President and CEO Charles E. ("Chuck") Fagan III will retire at the end of the company's current fiscal year on September 30, 2026. Brian Caldarelli, executive vice president, chief administrative officer, will succeed Fagan and become the company's president and chief executive officer effective October 1, 2026. The announcement marks the successful culmination of the company's long-term leadership succession plan that capitalizes on the strength of the Velera leadership team.

Fagan was appointed president and CEO of Velera in January 2024, following the combination of PSCU and Co-op Solutions. Prior to the combination, Fagan served as president and chief executive officer of PSCU since April 2015. Under Fagan's leadership, Velera's credit union clients have benefited from the company's transformative growth and substantial investments in technology. Driving a commitment to providing exceptional service, Fagan oversaw the company's evolution to create a culture empowered by the digital landscape.

Caldarelli has served as Velera's executive vice president, chief administrative officer since the combination of PSCU and Co-op Solutions ("Co-op") in January 2024, also serving as executive leader of the company's Integration Management Office (IMO) over the past two years. Caldarelli joined PSCU as executive vice president, chief financial officer in July 2012. Over the past 13 years, he has been deeply involved in the organization's major strategic initiatives, including the previous leadership transition, the formation of Lumin Digital and the company's internal Transforming Together initiative. Prior to joining PSCU, Caldarelli served as chief financial officer for the European division of Recall Corp., a global document management company. With more than 25 years of experience, including senior leadership roles with Bank of America and Acuity Brands.