The NCUA-conserved Arrowhead Central Credit Union. said this week its interim CEO, Kay Woods, who has been credited with protecting the $671 million CU following its June collapse, is stepping down.
In an announcement issued by Arrowhead with NCUA approval, Arrowhead said Steven Becker, the reteired president/CEO of Credit Union West of Glendale, Ariz. would replace Woods.
A press release said Woods is leaving the CU to take a part-time consulting role after finishing her role "with the NCUA management consultant team" to help restore the Arrowhead balance sheet which had been subject to large loan losses.
The Woods transition" was planned to occur after having improved Arrowhead Credit Union's financial condition with a solid business plan for sustained improvements."
"We've made a lot of progress these last seven months to ensure Arrowhead is stable for its members and the local community," Woods said. "Our members benefit from the much improved credit union and I feel confident the initiatives in place will continue to build our strength."
Becker retired from the suburban Arizona CU in September of 2009 and joined the management consultant team at Arrowhead along with Woods. He brings 22 years of experience in the CU industry with an additional 16 years in consumer finance services, said the announcement.