In a management succession long in the planning stage, Kim Sponem, president of the $1.4 billion Summit Credit Union, Madison, Wis., will be named CEO, effective Oct. 1, succeeding veteran Andy Faust.
Sponem, 43, becomes one of the youngest woman to hold the top slot at a major credit union. The retiring Faust holds tenure at the helm of the Wisconsin's largest CU spanning 35 years.
Faust, who retires Sept. 30, began in 1976 as a teller at State Capitol Employees Credit Union, which later became Summit. Just five years later, he was named president/CEO.
"Under Andy's visionary leadership, Summit has grown into a strong, full-service financial institution with more than 108,000 members," said Jim Hoelzel, board chair.
Sponem led Great Wisconsin Credit Union, formerly CUNA CU, as president/CEO before its merger with Summit in 2008. Sponem joined Great Wisconsin in 1995 and served as vice president of marketing and executive vice president before being appointed interim president/CEO in 2001.