Ken Burns Exit From Patelco Called ‘Amicable’
In an “amicable” decision made between Patelco President/CEO Ken Burns and the $3.9 billion credit union’s board, Burns will resign effective sometime this summer.
Both Burns and Patelco Chairman Peter Hanelt confirmed the split with Credit Union Times March 18, and the 274,000-member credit union posted a notice on its website later that day.
Burns said Patelco’s board and management still support the decision to sell the San Francisco offices despite the value gain. The buildings required $2 million in seismic retrofits, and Burns said Patelco officials knew the property would gain value because a new transit center is being built across the street.
Burns also said his decision has nothing to do with Patelco’s recent distributed denial of service attacks, which allegedly occurred at the hands of an Iranian hacker group that has also taken down the websites of big banks like Bank of America and Wells Fargo.