VIENNA, Va. (May 19, 2023) – Vice Admiral John A. Lockard, U.S. Navy (Ret.), Chairman of the Board of Directors at Navy Federal Credit Union, has announced his retirement from the board. VADM Lockard served on the Navy Federal board for 30 years, and for the past 29 years, has chaired the board and its executive committee. Appointed as a volunteer official in 1991, VADM Lockard was elected to the Board of Directors in 1993 and immediately became Secretary of the Board. Within the year, he assumed the role of Chairman, a position he has held ever since.
Under VADM Lockard’s chairmanship, Navy Federal grew and flourished. During his tenure, the credit union’s membership rose from 1.4 million to 12.7 million. Lockard championed Navy Federal's field of membership expansion to all Department of Defense employees in 2008. He also supported the establishment of Navy Federal's Pensacola, Florida campus in 2002 and its ongoing development as a home for 10,000 employees as part of Navy Federal’s 23,000-strong workforce. VADM Lockard also ensured an ongoing commitment to the credit union's mission and goals by leading the selection process of the past three Navy Federal President/CEOs: Brian McDonnell in 1996, Cutler Dawson in 2004 and Mary McDuffie in 2018.
Before joining Navy Federal, VADM Lockard had a distinguished 36-year career of naval service, and later as an executive for the Boeing Company Integrated Defense Systems Division, retiring as the Chief Operating Officer of the division. For his exemplary work, Lockard received the Department of the Navy Distinguished Public Service Award in 2014, the Defense Credit Union Council 2019 Hall of Honor Award and the National Association of Federally-Insured Credit Unions’ (NAFCU) Volunteer of the Year Award in 2020.
Edward R Cochrane, Jr., a board member since 2011 and Second Vice Chairman and member of the executive committee since 2014, has been elected as Chairman. He has served on the Financial Strategy and Investment Committee since 2007 and served on the Planning, Risk and Strategic Direction committee since 2014. Mr. Cochrane’s career assignments include Associate Director of the Office of Budget for the Assistant Secretary of the Navy, as well as Director of the Investment and Development Division and Business and Civil Resources Division in the Office of Budget for the Assistant Secretary of the Navy. Mr. Cochrane is a graduate from Georgetown University (BA) and Syracuse University (MPA).
"Chairman Lockard has been an inspiring leader throughout our history at Navy Federal. He retires after more than 30 years of service, leaving a legacy of passionate support for credit unions, Navy Federal’s mission of member service and employee growth and development. He has been a role model of leadership for me and countless others throughout his decades of service,” said Mary McDuffie, President and CEO at Navy Federal. “He will be greatly missed, but we know Chairman Cochrane will continue in his footsteps.”
In announcing his retirement, VADM Lockard noted, “I am grateful for the opportunity to have served on and led the Board. I have eternal admiration for the members and employees of Navy Federal Credit Union. There is not a day that the knowledge I have received in interacting with the members and employees has not exceeded the time I have invested. I leave with high confidence that the members of Navy Federal are in the best hands to receive the highest possible value from their credit union.”
About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 12 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 23,000 and has a global network of 357 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.