X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In Mike Welch’s Sept. 24th Publisher’s Column, “CEO Retirements Not Necessarily A Scary Thing,” he did an excellent job of cautioning credit union boards to be certain they realize the importance of their CEO replacement actions. He stopped short of recommending that they seek professional assistance, so I’ll say it. Hiring a CEO, capable of leading a CU’s future success, should not be a seat-of-the-pants process. Limited supply and high demand for the best talent is a situation that begs for taking a professional approach to win the market competition. In addition, boards should be aware that hiring right is only half the battle. Research shows that across the business sector, 40-60% of newly placed executives fail within 18 months on the job. Leadership transitions are stressful times and are full of obstacles and traps that can lead to failure. The statistics also show that it is the self-confident, previously successful executive who is most at risk. Their attitude of “I haven’t failed before, so why worry now?” is exactly what causes them to be blindsided in a new transition. The good news is that there is also professional support available to help ensure the new CEO’s success. There is a comprehensive process called “onboarding” that provides support for newly placed executives. Basically, these two professional processes (ie., Search and Onboarding) reduce the risks involved in replacing a retiring CEO. Aren’t credit unions in the risk management business? Boards just need to know what they don’t know. Then, hopefully they will take the appropriate actions to make their credit union a winner in the “war for talent”. Mark Elliott Partner Member Value Network-Leadership Services. Kentwood, Mich. Editor’s Note: Mark Elliott is a nationally known executive recruiter who works with credit unions and other organizations.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.