SAN DIEGO — Without a proper executive benefits package for the entire executive team, credit unions risk losing potential CEO replacements to organizations, competing banks and other credit unions, said CUNA Mutual Group's Scott Albraccio, executive benefits sales manager, during a breakout session at America's Credit Union Conference.
During the next five years, credit unions across the country will replace their existing CEOs. A CUNA compensation survey suggests 21% of credit union CEOs will retire during 2011 through 2012.
To prepare, credit unions should develop proper compensation packages for executives and their top lieutenants, Albraccio said. Deferred compensation plans for C-level executives can create golden handcuffs that will prevent them from leaving if a new CEO joins the team while providing continuity during the transition period.
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