CHICAGO - Bob Bream has resigned as president/CEO of the $3.9 billion United Airlines Employees Credit Union effective August 28. Bream was also serving as treasurer of the CU, which is the sixth largest CU in the nation serving approximately 161,000 members. He will join Certegy Card Services North America (formerly Equifax) as vice president and general manager. Certegy claims to touch 4,000 credit unions through a variety of products and services. "I am pleased to welcome Bob to Certegy," said Larry Towe, Certegy's Chief Operating Officer. "Bob has a demonstrated long term track record of outstanding performance and has exceptional strategic and operating expertise to lead our domestic card operations and execute our growth initiatives," said Towe. United Airlines ECU's chairwoman, Donna Fridrych, is serving as interim CEO of the credit union. "The board thanks Bob and all of the credit union employees for the outstanding accomplishments and achievements that have contributed to the success of our credit union," said Fridrych. At press time, Bream could not be reached for comment. Interestingly, another of the nation's largest CU's - the $4 billion The Golden 1 CU - also is without a CEO and the chairman is serving in the interim CEO spot. Bream joined UAECU in 1991 and has served as CEO for 10 years. According to the CU, under his guidance, UAECU has been able to build up $450 million in capital reserves, and has been successful in offering low-interest loans and "industry-leading" dividends. The board is currently in the process of a nationwide executive search for his replacement. "We are committed to upholding the credit union's high standard of performance, including maintaining our strong financial position and excellent member service. The credit union will continue to adhere to its guiding principles, first of which is to ensure a safe and secure place for our members' deposits," said Fridrych. Bream leaves at an interesting time for its sponsor, United Airlines. Last month the nation's No. 2 airline imposed a one-month deadline for slashing costs. If unsuccessful, it says it will file for bankruptcy. United Airlines lost $2.1 billion last year and $851 million in the first half of 2002. It also faces an $875 million debt payment in the fourth quarter. The company has asked its mechanics to take a 10.4% pay cut, and wants to cancel upcoming scheduled pay raises. It employs 80,000 people, all of who are eligible to join UAECU. The credit union is closely tied with its sponsor, down to the CU's employees actually being United Airlines employees. Pay and benefits for CU employees come from the airline. Bream has been associated with a lot of multi-billion CUs in his CU career, though they obviously weren't as large then as they are today. From 1986 to 1991 he was CEO of the now $2.3 billion Vystar CU (formerly Jax Navy). Bream also worked at the $1.9 billion Pennsylvania State Employees CU in various upper management positions. He joined PSECU in 1976. -firstname.lastname@example.org
Bream resigns from United Airlines Employees CU; joins Certegy
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