The president of Leominster’s Exchange Authority announced on Tuesday he will retire with the company replacing the leader from within.
Tim Halligan has led the company since it was purchased in 2008 by Fidelity Cooperative Bank. In 2015, Robert Charland was brought on as the company’s CEO and he will now take over the role of president. Halligan will stay on as a consultant with the company while spending more time with his family in retirement, according to a release from the Exchange Authority.
The company specializes in assisting investors navigating Section 1031 of the U.S. Internal Revenue Code, which allows people to avoid capital gains taxes while exchanging certain types of property which can range from artwork to race horses.
