Shrewsbury-based Central One Federal Credit Union has named Devon Lyon as its next president and CEO.

Lyon will replace David L’Ecuyer, who will retire at the end of August after leading Central One for 28 years.

Lyon is currently the chief operating officer at Needham-based Direct Federal Credit Union. He will join Central One FCU on Aug. 22, the credit union said in a statement.

“The board of Central One is very excited to have a strategic, results-oriented, and personable leader like Devon join the organization,” Board Chair Anthony Pini said in the statement. “His enthusiasm for the industry will help drive Central One forward into the future, and we are looking forward to Devon stepping into this role.”

Before joining Direct Federal Credit Union in 2018, Lyon was director of education at the National Association of Federally-Insured Credit Unions. He has also had senior leadership roles at several financial services institutions, the statement said.

“I am honored to be named the CEO of Central One Federal Credit Union as this tremendous organization has a proud history of providing world class service to our members,” Lyon said in the statement. “I have seen the positive impact credit unions have made in the lives of their members my entire career. In the current economic environment, it is more important than ever for individuals to choose to bank locally with a credit union. I look forward to working with the board and the team to continuing to help all members of the community we serve by providing a great mixture of products designed to fit their specific needs.”

L’Ecuyer had joined Central One as an assistant manager in 1990 before becoming manager of operations in 1991. He had led the credit union since 1994.

“David will be missed by the board and the staff, but the credit union will remain in good hands with Devon at the helm,” Pini said.