CEOs on Board Have Better Chance of Survival

After reading Mike Welch’s column, “Top CEO Talent Available in Ranks of Fired” in the June 1 issue, I felt even more certain that CEOs should strive to get on their board of directors. I have had it both ways in my credit union career and there is nothing better than being a director and treated as a peer. Some boards want their CEOs to be directors. This is to give the staff representation on the board and enhance the developing of a real team. I even know CEOs of some very large credit unions that would never accept a CEO position without being made a director. It is a matter of self-preservation since the boards can’t meet without you. Also, it is one less vote that you have to worry about. There is no doubt in my mind that I would never have survived as CEO of my credit union if I hadn’t been elected by our members to the board. Remember, it is more difficult to terminate a CEO that has the support of the membership. I encourage all CEOs to run for the board. It is hard to take action against you when you are at the meeting. I have never had a contract in my nearly 40 years as CEO of our credit union. If I did, I would want at least a six- year contract that would be extended every two years. Jeff Rush President/CEO Firestone Federal Credit Union Akron, Ohio