D. Hilton Associates Leading CEO Search for Chevron Federal Credit Union
September 27, 2017 – These are critical days for credit unions. The U.S. has nearly 6,000 of them, with more than $1.2 trillion in assets, according to the National Credit Union Administration.
But with the steady retirement of Baby Boomers, among other factors, the cooperatives are facing the loss of more than 4,000 chief executive officers and senior managers over the next five years. This means that leadership development, succession planning and employee retention are more important than ever.
One group seeking new leadership is the Chevron Federal Credit Union which enlisted recruiters D. Hilton Associates to lead its hunt for a new president and chief executive officer. Sarah Hilton, assistant vice president, is leading the assignment.
The credit union is seeking a leader to provide overall direction of the organization with the objective of ensuring continued financial stability, growth and excellent member service, said D. Hilton Associates.
In working with the board of directors, the president will be responsible for establishing key strategic initiatives and objectives, promoting relations with sponsors, business partners, and regulators, and fostering a strong employee culture. The ideal candidate will bring strong business, compliance, and financial acumen to the position, along with excellent management and leadership skills. Minimum of 10 years of progressive senior leadership experience required, preferably at a large financial institution. A bachelor’s degree is required, the firm said, and an advanced degree is preferred.
Chevron Federal Credit Union, established in 1935, provides a full range of branch, online, and mobile of financial services under both the Chevron Federal and Spectrum Credit Union brands to a field of membership which includes the employees of Chevron, Bechtel, and numerous other organizations. The credit union has over $3 billion in assets and 19 branches in six states. Its membership numbers close to 100,000.
Ms. Hilton specializes in executive recruiting with an emphasis on placing lending, finance and marketing executives within the credit union industry. She has extensive experience in utilizing online research and social media platforms to identify candidates.
Credit Unions Witnessing Growth
Founded in 1985, D. Hilton Associates specializes in the credit union industry. Over the past several months, the firm has recruited new CEOs for Greylock Federal Credit Union, First Financial Federal Credit Union of Maryland, Cascade Community Credit Union in Roseburg, OR and the ORNL Federal Credit Union in Oak Ridge, TN. The firm has also recently filled marketing positions for Cascade Community Credit Union, Langley Federal Credit Union and Sharon Credit Union.
“As the credit union industry continues to evolve in complexity and sophistication, the need for strategically placed business partners who can provide counsel on compensation, board governance and talent acquisition has never been more important,” said Mike Juratovac, sector leader of credit union and community banking in Korn Ferry Futurestep’s North America financial services practice. The industry as a whole, he said, has become increasingly reliant on talent consulting services, including talent acquisition, workforce planning and employee development.
“We see enormous potential in this sector, as the popularity of credit unions is skyrocketing among consumers as they typically offer lower fees and better returns,” said Eric Goldstein, global market leader, Korn Ferry Futurestep financial services. “Additionally, following the 2008 financial crisis, many U.S. consumers moved their savings from large banks to credit unions and community banks.”
Turning to Search Firms to Find Talent
Credit unions have been coming to executive search firms in droves to fill senior leadership roles. Here are a few recent assignments found in the Hunt Scanlon Media archives.
The Congressional Federal Credit Union in Oakton, VA, and Southern Mass Credit Union of Fairhaven, MA, turned to executive search firm D. Hilton Associates to find new CEOs. Congressional Federal Credit Union was started by eight Congressional employees in 1953, with just $40 in deposits. Today it has 47,000 members with over $900 million in assets.
McDermott & Bull recruited Val Scott as chief technology and innovation officer to Golden 1 Credit Union, the nation’s sixth largest credit union, with $10 billion in assets. The search was led by Brandon Biegenzahn, co-chair of the firm’s financial institutions practice, along with associate consultant Michelle Davis.
O’Rourke and Associates placed Brad Douglas as chief executive officer of the Heartland Credit Union Association (HCUA). HCUA is the not-for-profit trade association for credit unions which was formed through the consolidation of the Kansas Credit Union Association and the Missouri Credit Union Association.
Hilton Associates tapped Tracy McCord as VP of marketing at East Idaho Credit Union. East Idaho Credit Union was founded in 1935 as the Idaho Falls U.S. Government Employees Federal Credit Union. It remains one of the oldest Credit Unions in Eastern Idaho and operates under both a community charter and an expanded charter based on occupation.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media
