The $197 million Missouri Corporate Credit Union announced a major leadership change Tuesday when CEO Dennis DeGroodt announced he will retire July 31. DeGroodt has led the St. Louis-based corporate for 16 years.
“We are very sad to see Dennis retire,” said Dave Osborn, president/CEO of Anheuser-Busch Employees’ Credit Union and chairman of the corporate’s board. “He was been an outstanding leader and has guided us well through both calm and rough waters.”
Kathleen “Kitty” Gray, current chief financial officer, will succeed DeGroodt as CEO of the 157-member corporate, which counts members in Oklahoma, Illinois and North Dakota, in addition to Missouri.
Osborn said Gray has “been a wonderful CFO and we know she will provide the necessary leadership to take the corporate into the future.”
Gray took the CFO position 14 years ago and has more than 16 years of public accounting experience with major firms.
DeGroodt’s credit union career began in 1978 as a volunteer board member for the $258 million Missouri Credit Union, advancing to run a natural person credit union for eight years before moving into corporate positions.
In between corporate jobs, he also ran his own consulting firm. He has served on the boards of both the Missouri Credit Union League and the National Credit Union Foundation, and is a Credit Union Development Educator.
DeGroodt leaves Missouri Corporate in good regulatory shape after successfully recapitalizing the institution following the corporate crisis. According to its January 2013 5310 report, the most recent financials posted on the NCUA’s website, Missouri Corporate reported capital ratios above NCUA requirements for a well-capitalized institution, and reported a retained earnings ratio of 0.42%, just shy of the 0.45% that the NCUA will require this October.