Welcome!

News Feed Item

PenFed CEO Retiring; Incoming PenFed CEO Named

PenFed's president and chief executive officer, Frank Pollack, is set to retire March 31. James Schenck, PenFed's current executive vice president and president of PenFed Realty, will take his place as president and CEO of PenFed.

ALEXANDRIA, Va., March 17, 2014 /PRNewswire/ -- Today PenFed's board chairman, James Quinn, announced that on April 1, James Schenck will become president and CEO of PenFed (Pentagon Federal Credit Union). Schenck will succeed Frank Pollack, who is retiring after more than 13 years leading the credit union. 

James Schenck named new president and CEO of PenFed

Frank Pollack joined PenFed in 1978; rising through the ranks to become president and CEO in January of 2000. While he served as CEO, PenFed grew from $3.2 billion to more than $17 billion in assets. During that period, membership grew from 400,000 to over 1.2 million. Despite that growth, the credit union reduced its operating expense ratio by more than 47 percent.

Pollack was known as a consistent champion of PenFed members and American consumers. He coined PenFed's longstanding marketing slogan, "If you can find a better deal, take it!" and transformed PenFed with his unwavering focus on creating operational efficiencies to provide the absolute best price to its members.

"PenFed's entire membership and more than 1,300 employees have benefited from Frank's leadership during his 35 years of service and we look forward to James' leadership in the years ahead," said Quinn.

As part of its executive leadership team since 2001, Schenck has led most of PenFed's operating divisions. Since 2011, he has been executive vice president at PenFed and president of its wholly-owned subsidiary, PenFed Realty. Schenck has also served the credit union in past years as head of Credit and Collections, chief operating officer, and chief administrative officer. He is also a former president of the PenFed Foundation.

Before joining PenFed, Schenck was an Army officer. He graduated from the United States Military Academy and became an aviation officer, flying UH-60 Blackhawk helicopters.

He later earned his MBA from Harvard Business School and taught economics and finance at West Point. He served on the Army Staff in the Office of the Deputy Chief of Staff for Operations and Plans, overseeing the Army's OPTEMPO Budget. His final tour was as special assistant to the secretary of the Army.

"I am humbled and honored to have been selected to serve PenFed's board of directors and our members; and will lead our dedicated staff in providing the best financial value and services to our members—of which a large preponderance are active duty members or veterans of the Armed Forces and their families," said Schenck.

He concluded, "The opportunity and privilege to serve our nation's defenders, and those who support them each and every day, anywhere and at all times, is an important one for which I have a continuing passion. Therefore, I am eager to make the benefits of PenFed membership available to many more members of America's military and their families."

For more information about PenFed and membership eligibility, call 800-247-5626 or visit PenFed.org.

About PenFed (Pentagon Federal Credit Union)

Established in 1935, PenFed is one of the largest credit unions in the country serving over 1.2 million members worldwide; with more than $17 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide-range of other financial services with its members' interests always in mind. Serving a diverse population, there are many ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the National Credit Union Administration, does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is an equal housing lender.

PenFed logo

Photo - http://photos.prnewswire.com/prnh/20140317/DC84138
Logo - http://photos.prnewswire.com/prnh/20120619/DC26030LOGO-a

SOURCE PenFed

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products an...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...