Chuck Fagan to Retire at End of Company’s Fiscal Year; Brian Caldarelli to Become President and CEO in October 2026

Tampa, Fla., March 25, 2026 – Velera, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, today announced President and Chief Executive Officer 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 chief executive officer 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.

“It has been an honor and a privilege to lead an industry asset like Velera for 11 years. I would like to thank our Board of Directors for their trust and our more than 5,000 employees for their dedication, loyalty and inspired service, which has been – and will continue to be – the key to Velera and our partners’ success,” Fagan said. “With our strong foundation, strategic focus on next-generation capabilities and our award-winning culture, I believe this is the ideal time to make this transition, as Velera is well-positioned to continue to grow and accelerate innovation and long-term success for our partners. While I will remain active in my role until the end of the fiscal year, I also extend my appreciation to Velera’s valued clients and industry partners for their longtime support and am confident that those relationships will continue for years to come.”

Fagan continued, “Brian’s strategic vision, experience and proven track record at Velera make him a natural choice to lead the company into its next chapter. Today's announcement underscores our deep bench of talent and, together, we will ensure a seamless transition for all Velera clients and industry partners.”

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, Caldarelli has established a reputation for building world-class teams that successfully balance outstanding performance with culture.

“It is a great honor to have the opportunity to serve as the next President and CEO of Velera,” said Caldarelli. “I am immensely proud of the exceptional organization that we have built, together with our credit unions. At the same time, I am excited by the opportunity to lead an organization that is not only navigating rapid industry change, but also helping to shape it. We have a strong foundation in place, and I look forward to continuing the momentum we have built as a combined organization – and accelerating our company and our credit unions into a new era of growth and innovation.”

Caldarelli continued, “Chuck has provided tremendous leadership over the past 11 years, guiding the company through an exceptional period of transformative growth. His unwavering commitment to our clients, our people and our industry have shaped Velera into the organization it is today, and I look forward to continuing to work closely with Chuck during the transition period this year. Personally, he has been an incredible mentor and friend. On behalf of the entire team at Velera, we thank Chuck for his immeasurable contributions to our company and our industry, and we wish him nothing but the best in retirement later this year.”

Cathie Tierney, chair of the Velera Board of Directors, said, “Today’s announcement is the result of a thorough and thoughtful long-range leadership succession planning process undertaken by the Board over the past several years. Since joining PSCU as chief financial officer in 2012, Brian has been a key member of the organization’s executive leadership team and has proven to be an exceptionally strong leader. Having served as Velera’s chief administrative officer and leading the integration of the combined organization, he has expert knowledge of the company’s business operations, as well as strong relationships with both clients and industry partners. We are confident that he is the right leader to succeed Chuck as CEO and are excited for the future of Velera under Brian’s leadership.”

Tierney continued, “At the same time, it’s hard to quantify what Chuck has meant to Velera over the past 11 years. He has led the organization with heart, humility and a deep sense of responsibility to Velera’s people and clients, as well as the entire industry. Beyond the growth and transformation he delivered, it’s the culture that Chuck helped build and the lives he positively impacted that will be his enduring legacy. On behalf of the Board, I want to thank him for his dedication, his leadership and his friendship, and wish him every happiness as he begins this next chapter at the end of the fiscal year.”

About Velera

Velera is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America, operating with velocity to help its clients keep pace with the rapid momentum of change and fuel growth in the new era of financial services. Velera leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit velera.com.