Tom Rogers, current COO and former CFO, will succeed Masood at the helm of one of the nation’s largest credit unions.

Faheem Masood, who has served as President and CEO of ESL Federal Credit Union since 2016, will retire effective April 1, 2026, the Rochester, New York-based financial institution announced this week.

Masood’s successor will be Tom Rogers, ESL’s Chief Operating Officer, marking a planned leadership transition for one of the 30 largest credit unions in the nation, with $9.6 billion in assets and more than 459,000 members.

Masood, whose tenure at ESL began in 1991, is widely credited with leading the organization through a period of substantial growth and community investment. Under his leadership, ESL’s assets nearly doubled from $5 billion in 2016 to nearly $10 billion in 2025, while its workforce grew from 700 to 1,000 employees. Membership surged by more than 100,000.

Beyond financial metrics, Masood positioned ESL as a purpose-driven institution deeply embedded in the Greater Rochester community. Nearly half a billion dollars has been returned to the region through the Owners’ Dividend, fee reductions, and philanthropic programs since 2017.

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“I’m going to miss our employees and being part of such a values-driven organization that truly cares about each other, our customers, and the community,” Masood said. “I feel confident I’m leaving the organization in a strong position to continue to grow and prosper and am delighted that Tom will be leading us into the future.”

Rogers, who joined ESL in 2013 as Chief Financial Officer, became Chief Operating Officer in January 2025. His portfolio includes oversight of ESL’s finance, banking, lending, and wealth management operations.

“ESL is an exceptional organization, and it will be an honor and privilege to serve as its President and CEO,” Rogers said. “Faheem brought that idea of being a purpose-led organization to ESL and it will forever be a motivator for all of us.”

Erin Tolefree, Chair of the Board of Directors, called Rogers “the ideal successor,” and noted the transition plan had long been in place.

The announcement comes as ESL continues to expand its footprint, with six new branches opened since 2021 and a pending acquisition of Seneca Falls-based Generations Bank, which has $401 million in assets.

ESL earned roughly $57 million in the first half of 2025 after earning $28.2 million in the same period last year, according to NCUA call report data.

“ESL has been my professional home since 1991, and I have been consistently amazed by the exceptional work accomplished by my fellow employees throughout my time here.”

 – Faheem Masood
President & CEO
ESL Federal Credit Union