ESL charts path forward with new CEO

Faheem Masood isn’t worried about the future of ESL Federal Credit Union as he prepares to retire as president and CEO on April 1. 

That confidence, he says, comes from years of preparation. ESL’s board began succession planning in 2017, and Masood formally notified the board of his retirement two years ago. 

“I said that as CEO I was going to build an even stronger foundation for the future, and what we have now is a strong team moving forward,” said Masood, who turns 63 in December. He expects a seamless leadership transition, noting the credit union “won’t miss a beat and the best years are ahead of us.” 

Masood joined ESL in 1991 as a senior financial analyst and steadily rose through the ranks, becoming president in 2012 and CEO in 2016.  

Under his leadership, ESL’s assets grew to $9.8 billion from $5 billion, its workforce increased to 1,000 from 700, and membership expanded to more than 443,000 from roughly 330,000. 

Key milestones during his tenure include: 

• The launch of ESL Trust Services, LLC in 2017 
• The acquisition of Cooper/Haims Advisors in 2019 
• Returning nearly half a billion dollars to the Greater Rochester community through Owners’ Dividends and philanthropic grants since 2017, and
• Initiating fee reductions, first-time homebuyer grants and other customer-focused initiatives.  

The credit union has also opened six new branches. They are in Fairport, Hudson Avenue in Irondequoit, Victor and three in the city of Rochester since 2021 — on Lake Ave., North Goodman Street and West Main Street in the Bull’s Head neighborhood — the latter of which opened in late September.   

Further expansion is expected through ESL’s $26.2 million acquisition of Generations Bank, announced in 2024 and scheduled to close Jan. 1.  

Once finalized, ESL will have assets of about $9.6 billion and more than 30 branches across the Greater Rochester and Finger Lakes region. 

Succeeding Masood will be Tom Rogers, ESL’s chief operating officer since 2013. A CPA with a BS in accounting from SUNY Buffalo and an MBA from the University of Rochester’s Simon Business School, Rogers previously served as president and COO of Broadstone Real Estate, LLC. 

Masood said Rogers’ combination of financial expertise and interpersonal skills make him the right choice to lead ESL. 

“Tom has tremendous business acumen and he’s really good with people, which is essential since we are in a people-driven business,” Masood said. 

Rogers, who grew up in Avon and lives in Farmington, said his focus will be on maintaining ESL’s core strategic objectives and continuing its community impact work, which has reinvested more than $153 million since 2018. 

“A profitably growing organization is a healthy organization,” Rogers said, noting that inflation and economic pressures remain top concerns for members. “We don’t believe these concerns will go away any time soon, and we are well positioned to help.” 

Masood said he plans to remain in the Rochester area and continue volunteering in the community. 

“I have no intention of leaving Rochester,” he said. 

[email protected] / (585) 653-4021