September 20, 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.
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. He replaces Rod Staatz, who is retiring at the end of the year after 15 years serving in the organization’s top post.
“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 and work effectively in our highly collaborative environment,” said SECU board chairman Mark Reger. “We are very confident that under his leadership, SECU is very well-positioned to continue serving Marylanders into the future. Dave is highly qualified and has the vision to grow SECU and continue building on the great work we’ve accomplished to date. I know he will do great things for SECU.”
Mr. Sweiderk brings more than 25 years of experience leading high-performing financial services organizations. Most recently, he served as executive vice president and chief operating officer at Arizona’s OneAZ Credit Union, where he was responsible for overseeing the transformation of the credit union’s member engagement efforts and leading the member-facing execution strategy.
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Earlier in his career, Mr. Sweiderk held executive-level management positions at First National Bank of Omaha, Sovereign Bank and Chevy Chase Bank in Maryland. There, he increased market share and long-term revenue, incorporating high-touch customer experiences and excelling in service standards of excellence. Mr. Sweiderk has served on various non-profit industry committees, including the CBA’s Home Equity Committee and Fannie Mae’s Advisory Board.
“We are very confident that under Dave’s leadership, SECU is well-positioned to continue serving Marylanders into the future,” said Mr. Reger. “He is, without a doubt, the right person to build upon Rod Staatz’s many successes and work effectively in SECU’s highly collaborative environment.”
Founded in Baltimore in 1951, SECU is Maryland’s largest credit union. Headquartered in Linthicum, MD, it has 22 branches and more than 100 ATMs throughout the state. SECU also provides access to thousands of free ATMs through the co-op network.
Seeking Credit Union Leaders
Russell Reynolds’ consumer and commercial practice works with consumer and corporate banks, credit card companies, mortgage companies, credit unions, peer-to-peer lenders, payments providers and other consumer and commercial finance organizations and their financial technology partners to recruit, develop and advise leaders. Robert Voth and Jane Bird co-lead the practice.
Mr. Voth is based in Chicago and partners with global money center, regional and community banks and credit unions, as well as digital lending and payment companies, technology providers, financial services consultancies and VC/PE firms. His engagements include board, CEO, president and leadership and succession projects, as well as the full range of corporate center and senior product and distribution functions within consumer, commercial, treasury, payments and digital disruptors.
Ms. Bird, who also leads the financial services practice in the U.K., focuses on senior-level and C-suite appointments in retail banking and commercial banking, fintech, transaction services and payments. Her track record also includes a range of functional leadership roles, such as chief data officers, chief digital officers, chief operating officers and chief risk officers.
“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.
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