Springfield… The Illinois Bankers Association (IBA) Board of Directors today announced that David Boulay, Ph.D., president of the Illinois Manufacturing Excellence Center (IMEC) has been selected to succeed Randy Hultgren as the next President and CEO of the Illinois Bankers Association.
“It’s a tremendous honor to be selected to lead the IBA at such an important moment for the industry. Behind every small business getting off the ground, every family buying their first home, every farm passing to the next generation, you'll find an Illinois bank,” said Boulay. “I’m ready to get to work fighting for those who make that possible and to build on the foundation that has already been created by IBA’s leadership.”
David Boulay is one of Illinois' most effective advocates and coalition builders. His career spans family-owned business, manufacturing, higher education, and economic development. For more than two decades, he has united Illinois business leaders, policymakers, community stakeholders, and financial institutions to deliver results. He also brings years of experience shaping policy in both Springfield and Washington.
The IBA board retained Korn Ferry, a leading global executive search and organizational consulting firm, to conduct a nationwide search that attracted a strong and competitive field of candidates with backgrounds spanning public policy, banking, government, business and political affairs.
“We had a strong field of candidates, and David stood out for his deep roots in Illinois and his proven ability to build coalitions and deliver results for the same small businesses and communities our members serve every day,” said incoming IBA Board Chair Megan Collins. “David understands what banks do for the people of Illinois and will bring his statewide advocacy experience and member-focused mindset to advance the IBA’s mission, continuing to build on the momentum Randy and our team have created.”
Boulay is expected to assume his role June 8, following the close of the 2026 Spring legislative session.
About David Boulay
As President and CEO of the Illinois Bankers Association, Boulay will bring a member-focused approach to strengthening the voice of Illinois banks and advocating for policies that strengthen the industry. A respected statewide leader with a record of bringing public and private sector partners together to deliver results, he understands the essential role banks play in helping businesses grow, supporting families and communities, and driving long-term economic success. He also brings deep experience navigating state and federal policy, along with established relationships in Springfield, Chicago, and Washington built over years of statewide advocacy.
Since 2011, Boulay has served as president of IMEC, the Peoria-based public-private partnership dedicated to the competitiveness of Illinois's small and mid-sized manufacturers. Under his leadership, IMEC has grown its revenue, diversified its services, led a successful nonprofit merger, built a strong team and leadership pipeline, and substantially increased its impact for economic development in Illinois.
Boulay is also a sought-after voice on Illinois lending and economic development. In 2026, he was appointed to the board of SomerCor, a nonprofit certified development company (CDC), that specializes in the SBA 504 loan program and expanding access to capital for small businesses, where he provides governance and strategic oversight. The role has given him a firsthand view of how banks, community lenders, and public-sector partners work together to move capital into Illinois small businesses and neighborhoods. He also serves on the board of the Illinois Economic Development Corporation, the state's public-private partnership for business recruitment and retention.
Boulay grew up in a family-owned business, learning firsthand the challenges and pride of the small business owners who rely on Illinois banks every day. He went on to hold operations roles at Frito-Lay and Pillsbury before transitioning to higher education and statewide leadership, including leading a Small Business Development Center in Ohio where he worked one-on-one with entrepreneurs on business plans, financial analysis, and accessing capital. He holds a Ph.D. in Workforce Development and Education from The Ohio State University, an MBA from Franklin University, and a B.S. in Operations from Binghamton University.