Former Texans CU CEO David Addison Takes on Another CEO Role
Nearly a year and a half after resigning from the troubled Texans Credit Union, David Addison, its former president/CEO, has emerged.
Addison is chairman and CEO of Aberdeen Capital Holdings Inc., according to his LinkedIn profile.
He apparently has served in both roles since December 2008, which was one month before he resigned in January 2009 from the $1.6 billion Texans CU.
Addison had served at the helm of the cooperative in Richardson, Texas since 2003.
It is not clear if Aberdeen Capital is a firm Addison started. The company is based in the Dallas/Ft. Worth area and lists Addison as the only employee, according to his LinkedIn profile.
The financial troubles Texans experienced had appeared to take a toll on Addison and led to his resignation, said Michael Sauer at the time of the announcement.
A member of Texans’ board since 1992, Sauer was named interim CEO shortly after Addison’s departure before being appointed the permanent president/CEO in April 2009.
Sauer, along with Texans’ board of directors was removed by the NCUA in April when the agency placed the beleaguered credit union in conservatorship.
During the last two years of Addison’s time at Texans, the credit union grappled with millions of dollars in losses mostly stemming from its commercial loan portfolio.