Meridian Credit Union appoints Jay-Ann Gilfoy as new CEO

Jay-Ann Gilfoy will become the new president and chief executive of Meridian Credit Union Ltd. and Motusbank, Meridian’s digital bank subsidiary, effective Jan. 3.

Gilfoy will join Ontario’s largest credit union from Vancity Community Investment Bank, a subsidiary of B.C.-based Vancouver City Savings Credit Union, where she served as CEO.

In a release on Monday, Meridian board chair Karen Farbridge said Gilfoy “brings a values-based mindset and relevant expertise that will help Meridian navigate through the complexities of a post-pandemic world that is challenging the financial services sector.”

Gilfoy will take over next year from interim president and CEO Gary Genik, who moved into the role on an interim basis in May when Bill Maurin stepped down after seven years in the top job and 18 years with the organization.

At the time, Meridian said 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. Meridian’s current growth plan ends this year, marking “a logical window to accelerate succession planning,” the firm said.

St. Catherines, Ont.-based Meridian has 380,000 members and $27.6 billion in assets under management. Meridian launched subsidiary Motusbank in 2019.

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