EL SEGUNDO, Calif. — Xerox FCU has turned to one of the industry's most respected marketing minds to lead it into the future.

The $785 million CU has named Teresa Freeborn, currently senior vice president, marketing and communications at the $3 billion Kinecta FCU based in Manhattan Beach, Calif., as its new CEO. Freeborn is also president of Kinecta's largest CUSO, Kinecta Financial & Insurance Services.

“I am excited about the new job. I have waited a long time for this opportunity,” said Freeborn. She replaces Bill Cheney who left Xerox to lead the California Credit Union League.

Freeborn's appointment is somewhat rare in that she has spent much of her career on the marketing and communications side. “I think this is going to be really good news for my fellow marketers out there. If you look at what credit unions need today, it's all about growth and expansion and who better than a marketer to see where those opportunities might lie and to put together the plans that will actually make it all happen.”

While Freeborn, 50, believes marketing is a special skill that CUs should consider when hiring new CEOs, you have to bring more to the table. “It's not just about having marketing skills, you have to have a well-rounded skill set. I was president of Kinecta Financial for the last year and one of the things I see is huge potential for other sources of revenue for credit unions. ROA is big today. Margins are shrinking and we have to constantly look for other sources of revenue,” said Freeborn.

Freeborn said people might also overlook the core roots behind good marketing–solid research. “What people from the outside see is that glossy brochure. That's great, but marketing is far reaching throughout the credit union and it's also based on research. That is how you make your decisions, finding out what is driving member behavior.”

Freeborn's involvement with U.S. credit unions can be traced back to Tom Graham, the former CEO of Kinecta FCU and now CEO of SunCorp Corporate Credit Union. Freeborn was working at the Credit Union Central of British Columbia (sort of a mixture of a corporate CU and a CU league) when she met Graham.

Graham remembers the story well. “I was at a World Council meeting in Australia and saw her presentation on branding and after the presentation I went up to her to give her a pin that are always traded at those world meetings. I stuck one of those in my business card and said 'if you decide to look for a job in the U.S., I have the perfect one for you,' and I complimented her presentation,” said Graham.

The next morning the two had a chance early morning meeting. Graham was getting an early start and was the sole attendee grabbing a cup of coffee in the conference facility. Freeborn was up for an early morning jog. The two met in the main lobby and Graham reiterated his job offer, letting her know it was a serious offer, and the rest is history.

“This is where I cut my teeth on the U.S. credit union system. I came down here on a work visa and haven't looked back,” said Freeborn. She has also since become a U.S. citizen.

Freeborn took the lead in what was a very sensitive initiative at Hughes–changing the name. The CU had deep aerospace roots and the name change wasn't exactly met with enthusiasm initially from some of the CU's leaders.

“I would say one of the best compliments I could pay Teresa was that she did an outstanding job in helping the Hughes Aircraft Employees FCU transition to Kinecta. She really managed that brand and image process with our board, which was very complicated,” said Graham.

Freeborn may find herself in another name change situation at Xerox, a CU that has grown beyond the core Xerox company. “We have to decide if we want to make a change. That's up for the management team and the board. They've certainly led me to believe it is something they will be looking at,” said Freeborn.

Freeborn's excitement for the new position was palpable. She said she's excited to lead a credit union, but first plans on taking some time off. “I am going to take some time to get re-energized. When I came to the U.S. six years ago, I left Vancouver on a Friday and started working on a Monday. I really haven't sat back since.”

Fortunately, said Freeborn, she will only have to drive about three miles further down the highway to get to her new office. “For someone who came down here who didn't know what a Manhattan Beach was, when I arrived and saw the location I was blown away. I am one of the very few Los Angelinos that has a 12-minute commute,” she said.

Instant Insights /

A Marketer Arrives, Freeborn Named CEO of Xerox FCU

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