Maximizing and ensuring member value and performance requires an ongoing review of the depth of talent in your credit union as well as the right complement of skills to lead effectively and navigate changing strategies. As markets become more global and technology continues to play an even greater role in strategy, the criteria established for both CEOs and succession planning candidates emerges and changes over time ****READ MORE: Succession Planning a Challenge for CEOs and Boards
The National Credit Union Administration has finalized a rule to improve board and executive succession planning within the credit union industry. This strategic move aims to curb the trend of mergers driven by technological stagnation and poor succession strategies, ensuring more credit unions maintain their independence and enhance their technological capabilities. By Ken McCarthy, Manager of marketing communications at Tyfone Credit unions are merging out of existence because of an inability to invest in technology, the National Credit Union Administration Board wrote when introducing its now finalized rule on board succession planning. The regulator now requires credit unions to establish succession planning for critical positions in their organizations. But it’s likely to have even wider effects, such as preserving more independent charters and shaking up the perspectives of those on credit union boards. “Voluntary mergers can be used to create economies of scale to offer more or ...
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