SACRAMENTO – The board of the $3.7 billion The Golden 1 CU here has enacted its CEO succession plan.
The CEO spot was left vacant when after 17 years Stan Hollen announced that he would be stepping down effective the first of the new year.
Manny Mateo, chairman of the CU's board, said two Golden 1 EVPs and himself are running the day-to-day operations. Mateo, who recently retired from California's Department of Finance, said he plans on being at the credit union about two to three days a week over the next couple months while the executive search is being conducted.
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"The board will be meeting in the next week to discuss the process and what we're looking for in the next CEO. We want to get a search firm in early February," said Mateo, who was working out of Hollen's former office.
Mateo, who has been on the board for 18 years, said the credit union may look outside of the credit union industry for its next CEO. "We are open to internal and external. We're not necessarily going to stay in the credit union industry," he said.
One thing is for sure – Mateo or any of the other Golden 1 board members will not be the next CEO. The board has a policy that any one who was on the board has to be off for at least two years before being eligible to be CEO. "That policy is not going to change," he said. [email protected]
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