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Succession Plan


Maine Savings Federal Credit Union is pleased to announce the first step in its succession plan that will lead to the retirement of long time President and CEO, John Reed.

Maine Savings is announcing the promotion of Vanessa Madore, current Chief Operations Officer, to President, at the end of the year 2020. John Reed, President and CEO since 1990, will remain as CEO until his retirement in January 2023, at which time Madore will assume the role as President and CEO.

Reed stated, “Our Succession Plan is solid and transparent, and will allow me to work closely with Vanessa over the next 24 months to ensure a smooth transition.”

Reed joined Maine Savings in 1990 as only its second President/CEO in its long history. Since that time, Maine Savings has grown a number of subsidiary companies that in their own right have become substantial players in the Maine financial landscape. CUSO Home Lending and Business Lending Solutions have grown to become some of the largest organizations offering residential home loans and business lending to Maine communities. Under Reed, Maine Savings became the largest credit union in the state, at the end of 2018.

Vanessa grew up in Hampden, Maine and has been with Maine Savings for 16 years. She currently serves as its Chief Operations Officer. She started her career as a teller following her graduation from Smith College. In her tenure, she has held many positions and has grown her career through various promotions as a result of her experience, knowledge, leadership and education. She is a Bangor Region Leadership Institute alum, Class of 2013. She received her Masters of Business Administration from Southern New Hampshire University in 2015. Most recently she received the Highest Award for Achievement from the Dale Carnegie Course, in 2019. She is involved in her community and is a fierce advocate for Maine Elders serving as a Board of Director for Legal Services for the Elderly and is a longtime member of the Maine Council for Elder Abuse Prevention’s Education and Awareness Committee. Her passion for her work has allowed her to create a rewarding career that she is blessed to continue with the announced succession plan.

“For Vanessa, it’s an opportunity to build on the mission of the credit union, its focus on staff development, the financial well-being of its members and being an active participant in the local communities within which we all live and work,” Reed stated.

Vanessa added, “I am honored to be selected to serve as the third President and CEO of Maine Savings, in its 60-year history. In this role, I plan to focus on our vision, values, employee engagement, products and services, our member service standards and our communities. I will continue our legacy of people helping people while ensuring that our approach is always member centric. Our goal is to be there for our members at all life stages and ultimately to be their financial life partner.”