CEO Ken Burns Out at Patelco Credit Union
Patelco President/CEO Ken Burns will resign from the $3.9 billion credit union, according to Chairman Peter Hanelt.
The board of the Pleasanton, Calif.-based institution came to an agreement in which Burns will leave “on a voluntary basis,” Hanelt told Credit Union Times on Monday.
Patelco CEO Says Split is Amicable
The chairman would not provide any further details but said the 274,000-member credit union would issue a press release in a day or two.
Patelco was the victim of two Distributed Denial of Service attacks this year, allegedly at the hands of an Iranian group that also taken down the websites of big banks like Bank of America and Wells Fargo.
The credit union also faces a class action suit alleging unpaid wages to assistant managers.
Financially, the credit union reported a record year in 2012 that included a $55.5 million net profit, according to its financial performance reports posted on the NCUA’s website.
Burns took over at Patelco in May 2009. He had been CEO at the $1.3 billion Technology Credit Union in San Jose, Calif.