PSCU Appoints Vel Davidov, Michael Summers as Executive Vice Presidents

PSCU/Co-op Solutions has appointed two new executive vice presidents (EVPs): Vel Davidov, EVP, chief financial officer, and Michael Summers, EVP, chief culture officer.

Davidov, who has been with PSCU since 2002, will lead the payments credit union service organization’s (CUSO’s) financial planning and analysis (FP&A), mergers and acquisitions (M&A), treasury, accounting, tax and settlement operations, the company said in a Thursday (March 21) press release.

In his previous roles at PSCU, Davidov played a key role in developing the FP&A support groups and led the company’s M&A function, according to the release. Under his leadership, the M&A program has added over $500 million in annual revenue since 2014, completed eight acquisitions and formed key strategic alliances.

“With his extensive expertise and proven track record, Vel brings a wealth of strategic insight and leadership to the team, and he will play a vital role in guiding our financial strategies,” Brian Caldarelli, chief administrative officer at PSCU/Co-op Solutions, said in the release. “I am confident that Vel’s contributions will continue to fuel growth for our combined organization and accelerate innovation for our credit unions.”

Summers, who joined PSCU in 2001, will oversee PSCU/Co-op Solutions’ learning and organizational development, facilities and real estate, industry engagement and diversity, equity and inclusion (DEI) teams, according to the press release.

During his time with the company, he has progressed through roles of increasing responsibility, most recently serving as senior vice president, learning and development, the release said. He has also held roles in other business units, including knowledge management, implementations, learning and organizational development (L&OD), and environment and office services (E&OS).

“Michael’s dedication to our diversity, equity and inclusion (DEI) program since its inception reflects his genuine passion and commitment,” Chuck Fagan, president and CEO of PSCU/Co-op Solutions, said in the release. “As a talented leader, he not only delivers exceptional results, but also embodies the values essential for our combined organization’s future success.”

PSCU/Co-op Solutions was formed on Jan. 1, when PSCU and Co-op Solutions formally merged into a single entity, becoming a combined credit union service organization (CUSO) and financial technology solutions providers.

The combination aims to create an end-to-end aggregator of digitally enhanced services to member credit unions that will help them compete with their larger banking brethren and cement end-user loyalty, Fagan told PYMNTS’ Karen Webster in an interview posted in February.