According to the CUNA 2009-2010 CEO total compensation survey, 63% of credit unions with $100 million or more in assets have a succession plan in place that specifies how the CEO will be replaced.
Among credit unions with $100 million in assets or more, 19% of credit union CEOs plan to retire in the next five years, down from 29% in 2008, says the new CUNA report.
CEOs across the nation are delaying retirement, either because they experienced a loss in retirement savings or they are invested in seeing their organization through these trying times.
"Although the number of CEOs planning to retire in the near future has decreased, it is crucial that credit unions have a succession plan in place so that they are prepared for the CEO's departure," said Beth Soltis, senior research analyst for CUNA. "Credit unions' performance will suffer if they do not have the right talent in place. Considering today's shortage of qualified leaders, leadership development and succession planning should be a top priority for every organization."
The survey provides nationwide CEO compensation data for credit unions $100 million plus in assets which can be categorized by asset size, region, and many other points of comparison to help credit unions attract or retain top CEO talent. The report also provides the monetary value of the total compensation package to help measure the bottom-line value of CEO compensation packages compared to other credit unions.
For more information about the report visit buy.cuna.org.