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.
This provocative topic is the focus of this preview from next week's print edition of Credit Union Times.
Shutts & Bowen LLP announced that François Henriquez has joined the firm. Henriquez is the former president/CEO of U.S. Central Credit Union.
Former U.S. Central Bridge Attorney Moves to Florida firm.
The email from a usually voluble credit union executive who had been asked to comment on the secrecy that surrounds compensation of top managers at federally chartered credit unions said, “Too touchy of a subject for me. Sorry.”
It may be common–and it certainly is permitted under NCUA rules–but debates are beginning to be heard among some credit union experts when it comes to credit union employees (frequently the CEO) serving on the board of directors as treasurer.
Industry experts bat around whether CEO serving as board treasurer is a good idea. Drugs and fraud case is an example. Print story online now.
Call CEO pay the credit union governance hot potato. “This is certainly an increasingly hot topic,” said attorney Michael Lozoff, chair of the credit union practice at Shutts and Bowen in Miami.
Governance questions may not get more visceral – who makes the biggest decisions at a credit union? The question is easy to ask, but for some, it can be bafflingly hard to answer.
Now you have it, now you do not. Puzzlement has percolated on the part of some in the industry over the insistence by the NCUA that indemnification and coverage of legal fees incurred by the onetime WesCorp officers it is suing are not owed. That is, the defendants (now down...