In a pivotal leadership transition for Wisconsin’s largest credit union, Landmark Credit Union has announced the appointment of Timothy Mackay as its new President and Chief Executive Officer, effective October 13. Mackay succeeds long-serving CEO Jay Magulski, who will retire at the end of the year after 23 years of service, including 12 as president and CEO.
The appointment follows a nationwide search led by global executive recruitment firm Korn Ferry, with Landmark’s board of directors ultimately selecting Mackay for his decades-long leadership track record and future-forward approach to banking.
“We set out to find the right leader—someone who could drive growth, support and evolve the member experience, and uphold Landmark’s strong values,” said Brian Dorow, Chairperson of Landmark’s Board. “Tim is the ideal candidate with the right style of leadership to fill this role.”
Mackay brings with him over 30 years of experience in financial services, having held senior executive positions across several major institutions. Most recently, he served as President of Mortgage Banking and Bank Operations at Indiana-based First Merchants Bank, a $18B+ financial institution. Prior to that, he was President and CEO of Level One Bank and its holding company, Level One Bancorp, where he led the organization through strategic growth and ultimately its acquisition by First Merchants.
His earlier roles include Executive Vice President of Consumer Banking at Level One and Senior Vice President – Retail Executive at Fifth Third Bank, one of the country’s largest regional banks.
“Landmark is a truly unique organization, rooted in strong values, genuine care for its members, and a deep commitment to the communities it serves,” said Mackay. “I am honored and excited to join the team and to build upon its strong financial foundation and clear sense of purpose.”
A Leader for the Credit Union’s Next Chapter
Founded in 1933, Landmark Credit Union has grown into a $7 billion not-for-profit financial cooperative, serving more than 400,000 members across 35 branches. With over 1,000 employees, the credit union has become a cornerstone of Wisconsin’s financial ecosystem.
Mackay’s arrival signals a broader shift as credit unions nationwide face increasing competition from fintechs, digital-first banks, and evolving consumer expectations. Landmark’s board appears to have chosen a leader with both operational depth and digital sensibility—an essential mix for scaling modern credit union services.
Known for his collaborative leadership style and strategic vision, Mackay is expected to focus on enhancing the member experience through innovation, operational efficiency, and technology integration—hallmarks of his previous roles.
Mackay’s appointment also aligns with Landmark’s community-first philosophy. Throughout his career, he has served on boards or as an active leader in nine community organizations dating back to 2002. That blend of professional performance and civic engagement is likely to resonate with Landmark’s member-driven culture.
A Thoughtful Transition
Current CEO Jay Magulski—a 23-year Landmark veteran—will remain on as Senior Advisor through December 31 to ensure a seamless leadership transition. Under his leadership, the credit union has expanded its asset base, member services, and geographic footprint across the region.
“Jay will be remembered for his dedication to people and positioning Landmark for growth,” said Dorow. “We send a sincere thank you as he begins this next chapter.”
As Landmark prepares for the future, the baton now passes to a leader known for steering institutions through change—while keeping purpose, performance, and people at the center of strategy.
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