The number of high-profile CEOs managing apparently well run credit unions that are unexpectedly getting the ax seems to be increasing. What eventually happens to many once gainfully employed CEOs is not a pretty picture, especially in cases involving long time credit union CEOs over 50 years of age. The reasons for the pink slips fit a pattern. The most frequently heard include, “The board has lost confidence in the CEO,” and “The board wanted to take the credit union in a different direction.” Recalling dozens of off-the-record conversations over the years with credit union CEOs who found themselves on the outside looking in with virtually no warning, has given me a pretty good handle on what really might be behind at least some of the dismissals. In more than one instance, the former CEO was convinced the board saw one of their own as a better fit in the corner office, especially after a board member was appointed interim CEO thereby sending a clear signal that apparently no senior staffer was qualified to hold the fort even temporarily. Several long gone CEOs are convinced their departure was orchestrated behind their back by a senior management person who was successful in convincing the board that he or she would make a much better CEO. Some jobless CEOs see the reason they were fired as simple as a failure to provide VIP treatment at the last national conference and opposing increased board travel. Or because it rankled their chairman every time he heard a reference to “Oscar's Credit Union” as though it was the CEO not the board that made the credit union so successful and so respected at the state and national levels. Other reasons cited by CEOs who suddenly found themselves in unemployment lines include boards setting unrealistic goals without input from the CEO, and refusing to approve management proposals while in the next breath accusing the CEO of not accepting change. Then there are these situations: a 25-year CEO asked for an employment agreement like new ex-banker CU CEOs were getting; a veteran CEO tried to convince her board she was underpaid based on her peer analysis; and a CEO requested a performance bonus plan. All three were given their walking papers shortly after the matters were brought up. One confused credit union CEO told me he had been given a glowing review and pay increase only a month before he was fired “for a lack of confidence.” We're not talking here about CEOs who deservedly get the boot for embezzlement, cover ups, hanky panky, excess spending or a host of similar misdeeds. Those dismissals are slam dunk deals and the misbehaving CEOs got what they deserved. No, we are referring here to all those CEOs whose firings are for what appears to be nebulous reasons that are anything but clear cut. One day these CEOs are in the news for all the good things going on at their credit unions. The next day they are on the street wearing a muzzle to protect whatever severance pay they can hope to bargain or beg for after sometimes as much as 20 or 30 years service. This is the sad part. Many of these perfectly capable credit union CEOs will never again work for a credit union in any capacity whatsoever. They have become blackballed. Their crime? They were fired from a credit union CEO position for a reason never clearly defined. They were not even given a chance to seek a new job before being let go even though it is well known that it is always easier to get a new job while an individual is still working. Overnight, many such credit union CEOs found that their new full time job was finding another full time job. Still in shock, they nevertheless start out confident. They begin networking with enthusiasm. They make lots of calls and send out tons of e-mails. They put together a resume for the first time in years. They carefully study the classifieds. They contact all the search firms specializing in helping boards locate CEOs and they join groups of their peers. They go to CU meetings to make contacts. Every morning they get up early and get dressed for this new job of finding a job. They wear a happy face. But not for long. Very soon they are struck with the reality that calls aren't being returned and E-mails are being ignored. Friends are becoming distant and they are made to feel like pests. They have been removed from virtually every credit union related mailing list. At some point, they resign themselves to the reality that they will probably have to uproot their families and relocate. These credit union CEOs want nothing more than to stay involved with credit unions. But after months, sometimes years of trying to land a CU position, they accept the fact that it is probably never going to happen. So they turn to banking, brokerage services, consulting, insurance sales, or whatever they can do to get a paycheck. In all too many cases, many of these formerly successful credit union CEOs eventually settle for a job far below their ability, track record, and former pay level. What a shame that all this credit union managerial talent is out there and not being utilized. What a shame that more head hunters and more CU boards don't at least give these individuals a chance rather than automatically sweeping them aside because they were fired. Most can't even get interviews. Boards willing to at least talk to involuntarily retired credit union CEOs really have nothing to lose, but instead may just find what they are looking for, a top notch, dedicated, talented, hard working credit union CEO. Don't these folks deserve a chance to prove they are not damaged goods? Comments? Call 1-800-345-9936, Ext. 15, or Fax 561-683-8514, or E-mail [email protected].