March 14, 2007

Elain Duvall, Chair of Vancity's Board of Directors announced today that Dave Mowat, CEO, will be leaving Vancity on June 8, 2007. 

Mowat has been CEO of Vancity since 2000. He has accepted the position of President and CEO of ATB Financial, a full-service financial institution based in Edmonton.  

"Dave has made a tremendous contribution and provided impressive leadership over the past seven years," Duvall said. "Since Dave joined us, Vancity has become a stronger credit union with improved profitability and member service."  

"He understood the Board's vision and its focus on the community and was able to translate that vision into a business strategy that has gained recognition and admiration for Vancity," Duvall said.    During Mowat'sstenure, Vancity's assets have grown to more than $12 billion, it has provided record payouts - nearly $14 million in 2006 - to members and community through its Shared Success program, and continues to be named one of Canada's best places to work.

   "It has been a privilege to be part of Vancity. The fierce pride of our employees to be great bankers as well as great neighbours has always been an inspiration to me," explains Dave Mowat. "I will be leaving with the knowledge that Vancity has a strong foundation in its Board, executive and employees, and is well positioned for greater success in the years ahead." 

Mowat will remain CEO of Vancity until June, and will work with the Board of Directors and Vancity's leadership team to ensure a smooth transition. An executive search is underway.