Raj Velmurugan Joins Salem Five as Senior Vice President & Chief Information Officer

Salem, Mass., April 30, 2019 – Salem Five recently announced that Raj Velmurugan joined its team as Senior vice president and chief information officer. Velmurugan comes with more than 20 years of experience as an IT executive.

Prior to joining Salem Five, Velmurugan served as senior director and chief IT architect at Bose Corporation. As Chief IT Architect, Velmurugan was responsible for enterprise-wide architecture including applications, infrastructure, security and data. In this role, he created a strategic customer experience vision and honed his expertise in large-scale Digital IT operations.

“I was drawn to Salem Five because of a culture that dually prioritizes technological growth and the customer experience. I’m looking forward to growing with the company and solidifying our position as a leading digital banking institution,” said Velmurugan.

Prior to his 17 years at Bose, Velmurugan worked as software and business consultant for various companies with a specialization in customer service and support, including Best Buy and Citibank.

“We are thrilled to have such a seasoned IT professional leading our digital efforts during a time of great technological expansion and enhancement for our company,” said President  & CEO of Salem Five Bank Ping Yin Chai.

Velmurugan started his career in India as a software engineer, receiving an undergraduate degree in chemistry from the University of Madras. He went on to receive a master’s degree in information technology from Capella University.
A resident of Greater Boston for over 20 years, Velmurugan lives with his wife and two teenage children. In their spare time, they enjoy volunteering, camping, hiking, and music. 



Salem Five Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five is one of the largest Massachusetts-headquartered banks with $5 billion in assets and 35 retail branches in Essex, Middlesex, Norfolk and Suffolk counties. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Investment Services which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.


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Madeline Lenahan
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