NLCU CEO set to retire after almost 50 years of service
Posted on August 13, 2021 | By Alexander Chafe | 0 Comments
Born and raised in N.L., Allison Chaytor-Loveys and her five siblings were taught to be free-thinkers. After graduating high school in 1972, she planned to become a nurse. But, not yet old enough for nursing school, she pursued a business program, where she learned about credit unions. Allison was drawn to the organization’s innovation, position as an alternative to larger banks and service of the middle and lower class. She had found her passion and started her career with NLCU just a few years later.
After almost 50 years of service, Allison announced her retirement, effective on December 31, 2021.
Career with NLCU
Allison began her career with Newfoundland & Labrador Credit Union (NLCU) in 1973 in an administrative role. Two years later, she accepted an accounting clerk position, consistently taking on more responsibility. In 1986, Chaytor-Loveys joined management as manager, finance and accounting.
Allison was the first NLCU employee to hold the titles of chief financial officer, chief operating officer and eventually chief executive officer in 2004. After 17 years as CEO, Allison is the longest-serving employee in NLCU history.
Leading NLCU Growth
In a recent press release, the NLCU reported that during Chaytor-Loveys’ time as CEO “NLCU’s assets more than doubled, membership … grew by almost 10 per cent, and the credit union received approximately 70 awards and recognitions …”
During her tenure, Allison led growth initiatives like adding eco-friendly products, renovating NLCU HQ and lobbying for legislation changes that set national precedent. In 2011, after those changes became effective, NLCU became the first financial institution in Canada, outside of Quebec, to have a life insurance broker licence. The NLCU was also included in the provincial government’s Fishery Loan Guarantee Program in 2012, after successful lobbying efforts.
Allison is currently collaborating with other credit unions to lobby for a Provincial Loan Guarantee Program to support small and medium sized businesses.
Outside of her day-to-day responsibilities as CEO, Allison is active in her community. She helped establish the NLCU Charitable Foundation and has served as the Board’s chairperson and president for almost 20 years. Allison is also an active Board member for the World Council of Credit Unions and the Canadian Credit Union Association.
Further, Chaytor-Loveys is a member of Atlantic Business Magazine’s Top 50 CEO Hall of Fame, inducted in 2010 after being named a Top 50 CEO in Atlantic Canada five times.
Plans for Retirement
Allison’s current plans for retirement are to enjoy time with friends and family. Reflecting on her career with NLCU, a press release quotes Allison saying: “I have had a wonderful career at NLCU working alongside some of the kindest and brightest people I know. I’ve often referred to our employees as our NLCU family because that’s how it feels; we support each other and we care about each other. I’m going to miss interacting with my team each day, but I know I’m leaving the credit union in good hands.”
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