The Rundown
- Credit union CEO firings are rare events.
- CU directors usually have a long tenure and many have built a friendship with the CEO and are reluctant to act.
- Boards can help insure good performance by setting targets.
No job is harder for a board of directors of a credit union, but no job is more crucial than knowing when to separate the cooperative from a lagging chief executive officer and having the strength to act.
That is the gist of what many experts, sitting CEOs, retired CEOs, third-party experts, credit union legal advisers and others, told Credit Union Times. "The key job of the board is managing the CEO and that means hiring and firing," said Richard Powers, a senior lecturer at the Rotman School of Management at the University of Toronto who also is lead faculty for the CUES Governance Institute.
"It is surprising how infrequently CEOs are let go," said consultant Tom Glatt Jr. "Perhaps it should happen more often."
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