Richard Lie has been appointed president and chief executive of Los Angeles Federal Credit Union.

The board of directors at LAFCU announced on March 5 that Lie had been promoted to the top position from executive vice president and chief financial officer. He’s been with the company for 23 years.

“I look forward to continuing to work with the board of directors in my new capacity as president/CEO. Our goals are to continue to be our members’ financial source for life and to maintain and build on our strong financial position,” Lie said in a statement.

During his time which began in 1994, assets increased from $263 million to $928 million and membership grew from 31,000 to 61,000, LAFCU said.

Manufacturing and trade reporter Shwanika Narayan can be reached at [email protected] or (323) 556-8351. Follow her on Twitter @shwanika.