Stracuzzi resigns Greylock board, placed on leave as CEO

Posted
Friday June 4, 2010

PITTSFIELD -- Greylock Federal Credit Union's directors have accepted Angelo Stracuzzi's resignation from the board and placed the CEO on administrative leave. Cliff Nilan, a director, also resigned from the board.

"We have placed [Stracuzzi] on an administrative leave of absence from his position as CEO, while the board completes a full investigation of potential conflicts of interest," according to a statement authorized by board Chairwoman Sheila LaBarbera and issued this afternoon.

State probation officials launched an inquiry this week into Stracuzzi's probation case after it was transferred from Maine to Massachusetts. The state is looking into whether Nilan and Stracuzzi's professional relationship and personal friendship represented a conflict of interest. The Massachusetts Probation Department said Nilan, a longtime member of Greylock's board of directors and the probation chief for Berkshire Superior Court, was Stracuzzi's probation supervisor. But the department later said Nilan didn't play a direct role in supervising Stracuzzi. Stracuzzi said he reported monthly to Nilan's office, but never met with a probation officer, during his probation.

"We are conducting a more in-depth review to clarify this situation," Coria Holland, the spokeswoman for the Probation Department, said earlier this week.

Stracuzzi's probation case was transferred to Massachusetts after his assault and criminal mischief conviction in Maine. On May 25, 2005, Stracuzzi was sentenced in York Superior Court to a 364-day suspended jail sentence and one year of probation after admitting to the misdemeanor charges.

According to the Probation Department, "Probation officers are required to avoid any appearances of impropriety and to avoid any conflict of interest."

The Greylock Federal Credit Union's board of directors statement is presented here in full:

"The directors of Greylock Federal Credit Union have accepted Angelo Stracuzzi's resignation from the Board of Directors and we have placed him on an administrative leave of absence from his position as CEO, while the board completes a full investigation of potential conflicts of interest. The Board has also accepted the resignation of Director Cliff Nilan.

"The board took its actions with full appreciation for the years of dedicated service and achievement under their leadership. We have full confidence in the ability of our senior management team to maintain Greylock's standards of excellence. Credit union members will continue to receive the same level of outstanding service."


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