October 5, 2018 – 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. Phoenix, AZ-based executive search firm DDJ Myers was recently selected by Jax Federal Credit Union to lead its search for a new CEO. Gerri Sexsion has announced her intent to retire in the first quarter of 2019. The search process is expected to take four to six months.
“On behalf of the board of directors, I want to express gratitude to Gerri for her many years of dedication and leadership to Jax Federal Credit Union,” said Charles McLeod, director on the board of Jax Federal Credit Union. “Our credit union is stable and prepared as we make this transition, with experienced staff in the branches combined with seasoned support teams in the back office. The executives and managers continue to implement the strategic plan that drives Jax Federal Credit Union forward every day.”
Established in 1935 and serving more than 30,000 members, Jax Federal Credit Union serves the following Northeast Florida counties: Duval, Clay, Nassau, Baker and St. Johns counties.
DDJ Myers represents financial services organizations of all sizes in its efforts to identify and hire candidates for roles ranging from senior analyst to chief executive officers. Deedee Myers owns and leads the firm, specializing in finance, treasury, balance sheet management, ALM, risk and operations. Current recruiting efforts span a range of current regulatory risk management initiatives, with specific engagements in capital and liquidity planning/analysis, capital program management, resolution program management and model risk management.
Credit Unions Witnessing Growth
“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 Korn Ferry. “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
Russell Reynolds Associates recently placed Dave Sweiderk as the new president and CEO of the $3.6 billion-asset State Employees Credit Union (SECU) of Maryland. “While our national search produced a number of highly qualified candidates, it was evident to all on the board that Dave was the right person to build upon Rod Staatz’s many successes.
Credit Union Resources placed Randall Pearson as the president and CEO of Telco Plus Credit Union in Longview, TX. Established in 1951, Telco Plus Credit Union has $65 million in assets and serves more than 8,100 members. Credit Union Resources is the executive search division of the Cornerstone Credit Union League, a regional trade association representing credit unions.
Recruiters D. Hilton Associates recently placed Sean Zimmermann as the new president and CEO of the Congressional Federal Credit Union (CFCU) in Oakton, VA. Mr. Zimmermann has over 25 years of credit union and finance experience to his new job. He came to CFCU from Bank-Fund Staff Federal Credit Union, where he served as CFO for two years.
Executive search firm Conroy Ross Partners was recently tapped by credit union Deposit Guarantee Corporation (CUDGC) in Alberta, Canada to lead its search for a new CEO. CUDGC’s CEO is expected to provide strategic direction and executive leadership to a team of professionals to fulfill the corporation’s mandate of instilling confidence in Saskatchewan’s credit unions.
McDermott & Bull placed Mike Floyd as executive vice president, chief credit officer with Technology Credit Union. Conducting the search was Brandon Biegenzahn, president of the Irvine, CA-based search firm; Michelle Davis; Shree Thakarar; and Laurie Henderson. Mr. Floyd goes to the credit union from Montecito Bank & Trust.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media