Russell Reynolds Associates Leading CEO Search for State Employees Credit Union
February 21, 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. One group seeking new leadership is the $3.3 billion-asset State Employees Credit Union (SECU) of Maryland, which has enlisted Russell Reynolds Associates to help replace CEO Rod Staatz, who is retiring at the end of the year after 15 years serving in the organization’s top post.
“Under Rod’s leadership, SECU is very well-positioned to continue serving Marylanders into the future,” said Gayle Seward, SECU board chair. “We are looking for the next leader who can build upon Rod’s many successes and work as effectively in our highly collaborative environment.”
A committee of SECU’s board of directors is working with Russell Reynolds to identify potential candidates.
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.
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.
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.
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.
Chevron Federal Credit Union selected recruiters D. Hilton Associates to lead its hunt for a new president and CEO. Sarah Hilton, assistant vice president, is leading the assignment. Chevron Federal Credit Union, established in 1935, provides a full range of branch, online, and mobile of financial services.
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 has 47,000 members with over $900 million in assets. Southern Mass Credit Union has assets of more than $205 million and serves upwards of 14,500 members.
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.
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
