CEO Raises, Pay Ticking Back Up
The average credit union CEO now makes $260,807 a year, according to the 2012 CUES Executive Compensation Survey released Tuesday.
The CUES survey also found that salary and bonus raises increased for the second consecutive year, with CEOs getting an average of 5.93% more this year than last.
Salaries and bonuses averaged $523,694 at credit unions of $1 billion in assets or more that responded to the survey, compared with $86,582 at credit unions of less than $30 million, CUES said.
CUES said its survey was conducted by enetrix, a division of Gallup Inc. in Middleton, Wis., and gathered responses from 578 credit unions.
The average raise of 5.93% was the highest since 2008, up from a 5.01% increase in 2011 and 2.54% in 2010, “which was the low-water mark for at least a decade,” CUES said.
The survey also found that more than 45% of the CEOs have been in their current jobs for less than 10 years, while 22.2% had been for more than 20 years. Most of them – 84% – have been in the credit union industry for more than 15 years, CUES said.
“Among other members of credit union executive teams, average total compensation increases for 2011-12 ranged from just over 3% to 13.51%, with business development executives and executives leading credit union service organizations (CUSOs) receiving the largest raises,” CUES said in a statement.