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Tips from IBM Southeast Employees’ Credit Union
Professional dialog and fruitful differences of opinion get lost when board-executive relationships become too close.
This excerpt from the 2013 CUES Compensation Survey’s executive summary shows that CU chief executive pay is up.
Once a credit union’s board of directors has completed the lengthy, critical and often difficult task of hiring a new CEO, both the new executive and the directors must begin the process of building strong rapport in an environment of mutual respect. It is crucial to the credit union that the stewards of the institution and its top executive have a common vision, and priorities that are aligned.
The board exerts full but indirect control over both what a credit union does and how it does it. This control is maintained not by getting “into the weeds,” but by setting policy, retaining the right to change any policy at any time, and being the final arbiter of what is acceptable management action.
Who are the wider group of people affected by CU directors’ work? Yes, members, but that’s just the simple answer
Dan Clark of credit union consulting firm Dan Clark Associates, LLC, Tallahassee, Fla., describes situations for which it would be normal for a board to hold an executive session, and notes that an executive session is just one possible type of “other” board meeting a credit union’s leaders can have.
To develop a solid CEO/board relationship, reveal your assumptions and don’t go too far on “getting along.”
To avoid paying an middling salary to a great CEO, credit unions must have an overarching executive compensation philosophy that considers more than immediate market competiveness.
BMI FCU is splitting the president/CEO title to prepare for its top executive’s retirement.
A retired CEO describes the transition process used as he stepped down and a new CEO took over, including the value to staff, board, members and himself of having a retirement send-off.
Properly analyzing and responding to mistakes can improve your credit union’s future results.
Tips on training, governance, CEO-board relationships and more from a board member who used to be a CEO.
Establishing an appraisal process for your newly hired CEO will be much easier—and more productive—than starting a performance communication process after the CEO has been on the job for a few years.
Tips for making sure your board hires the right chief executive