John Murphy, who has served for 24 years as president and CEO of the Maine Credit Union League and its service subsidiary Synergent, said Monday that he plans to retire on June 1, 2017.

John Murphy

John Murphy

The trade association, which has been working on succession planning for the past four years, has hired executive search firm O’Rourke & Associates to conduct a search for Murphy’s successor, the league said in a news release.

Murphy has held numerous positions during his 43-year career with the organizations and participated in the development of many products, services and programs for credit unions, the release said. Together, the league and Synergent employ 160 people.

Murphy was appointed president and CEO of the organization in July 1992. He has served on several industry-related boards and committees throughout his career including the board of the Credit Union National Association, where he chaired the Corporate Governance Committee. He also has served on the American Association of Credit Union Leagues and was chairman of the Maine Council on Economic Education for several years, promoting the importance of financial literacy.

In announcing his retirement, Murphy said, “It’s a true privilege to work both for and with so many great people over the years in an industry that is so important in the lives of consumers.”

The Maine Credit Union League serves 58 credit unions representing more than 680,000 members. It has combined assets of $7 billion along with nearly $5 billion in outstanding loans to members.