Besides not renewing the contract of its interim president, Sperry Associates Federal Credit Union said it has made several more moves to get the cooperative back on track.
The $345 million CU in Garden City Park, N.Y., most recently eliminated its director of corporate development, business development manager and branch manager positions, said James Duffett, interim co-president. Effective Sept. 15, Sperry's board decided not to renew the contract of its interim president and a human resources consultant. He stressed that the job cuts were part of a "restructure [that] was done to address changing priorities, and not an indication of the performance of the people impacted."
"We have eliminated several positions as part of our agreement with the NCUA to streamline operational costs, and eliminate excess spending, while focusing on capital restoration," Duffett said.
On May 28, the NCUA entered into a letter of understanding and agreement with Sperry.
Duffett said Sperry's priorities are to successfully implement its net worth restoration plan, reduce operating expenses, and improve and deepen member relationships. The CU has created a new position, member service manager, to aid with service efforts. Marketing will continue to be a key area for Sperry going forward.
"The reduced budget will mean that we have to make the most of electronic marketing opportunities, which is a strength of ours. I believe that we are one of the few credit unions that employs a dedicated electronic marketing specialist," Duffett said.