SACU CEO Farver's Transition Plan Was a Decade in the Making
You better believe San Antonio Credit Union has a CEO transition plan. It’s been developed over a long time, and it calls for a shift in management style.
On Jan. 2, 2012, Jeffrey Farver will retire after more than 20 years as president of the $2.9 billion credit union. Stephen Hennigan, chief operating officer and now also president, has been picked to become the new CEO.
"Jeff is one of the best fighter pilots this credit union could have," Hennigan said. "As the complexity of the outer world goes up, the number of gauges the CEO has to watch goes up exponentially. The era of stable conditions for flying is ending. So we have to adopt a whole new leadership approach."
Farver added that, "In this world of complexity, I think a great many managers were looking for change. This is not the hobby of the day. This is a cultural change, and it takes time."
Suppose someone had visited the credit union in 2009 when the rationale for change was presented, then returned to the credit union in 2012 or 2013. What transformations would the visitor see?
Hennigan suggested the overall effectiveness of the management function itself would be modified. If the management function is restyled, the rest of the organization will follow through.