CEO Talent Pool Is Shrinking Due to Specialization
The $1.7 billion GECU of El Paso, Texas, just selected GECU Executive Vice President and Chief Operating Officer Crystal Long to succeed President/CEO Harriet May following her retirement on March 31. Meanwhile, the $5 billion, Palo Alto, Calif.-based First Tech Credit Union is saying goodbye to President/CEO Benson Porter, who will begin his new position as president/CEO for the $9.7 billion, Tukwila, Wash.-based Boeing Employees Credit Union in April.
And those changes are just the latest moves in and out of the corner office.
The credit union CEO search process varies according to the amount of time allotted for the search, Hilton said. Timeframes often correlate with the current CEO’s reason for leaving–retirement notice lengths can vary from three to nine months or more, but other reasons, such as termination, disability and death, can leave CU boards of directors and human resource departments with less time.
GECU and First Tech CU declined to comment on their CEO selection processes for this article. But GECU said Long’s promotion to the president/CEO role comes after 32 years of service with the credit union, and GECU Chairman Greg Watters commented, “Harriet May, GECU’s former president and CEO, mentored Long and recommended Long as her successor because she has vast experience in our credit union and is uniquely qualified to continue building on GECU’s momentum, strength and commitment.”
First Tech CU said Chief Financial Officer Hank Sigmon will act as president/CEO until a new leader is selected. Chairman John Weidert stated, “It’s been a pleasure to work with Benson over the past five years. We knew that with his strong leadership and the great work he’s done for us, this would catch the attention of other organizations.”