Dick Wellner, Jim Guretzky, Rod Calvao, Bill Myers, Ava Milosevich…these names are proof that oft-cited predictions that up to half of credit union CEOs could be retiring in the next five years weren't doom and gloom, they were on target. Each of the CEOs mentioned above is a credit union veteran who has recently announced retirement plans, some giving up to a year's notice.

Need more proof? Approximately 30% of respondents to CUES 2006 compensation survey have been in their CEO positions for more than 15 years, and 15% more than 20 years! More and more big name CEOs will be leaving the industry in the coming weeks, months and years, that's for certain. What's not certain is if there are enough candidates ready and willing–or so viewed in board members' eyes–to replace them. More so, what does the credit union CEO of the future look like?

Teresa Freeborn was just named CEO of Xerox FCU. Freeborn has a strong marketing background, a rarity for new CEOs. I happen to know a handful of very well-known credit union marketing professionals who aspire for CEO jobs, but are often passed over.

But shouldn't smart marketing minds be given a chance at the corner office? I think so. Credit unions need people who can think big picture, who can evaluate the marketplace, who can put into perspective members' usage and potential usage of products, who understand that how the credit union interacts with its members can be as important as the products and services it offers. Marketers, good ones, bring these things to the table. Marketers are also research oriented. They know how to interpret demographic and other data sets. They know what it costs to acquire new members or get members to sign up for a particular product being pushed. They also know branding, which I believe is going to be key for credit unions to survive in the future.

That's where I stand on marketers, but let me play my own devil's advocate. Other than the obvious marketing/branding challenges CUs face, there are tremendous financial pressures–net interest margin, building non-interest revenue streams, controlling expenses, dealing with a flat yield curve, handling rising insurance costs, etc. These problems take someone with a keen financial mind who can tackle these financial issues head on. This is where chief financial officers and investment execs stand out.

Also, credit unions are continuing to break into member business lending and business deposit services. In this case, former bankers who have experience in “commercial” banking rise to the top and should be considered.

So, if it comes down to marketing mavens, financial wizards and business services gurus, which one is right for your CU?

Obviously it depends on each individual credit union's needs. In Xerox FCU's case, a strong marketer may be just what the doctor ordered. Xerox likely has a name change in its future as it has expanded its field of membership and diversified away from being a Xerox-focused credit union. Choosing a new CEO who has led a name change effort/branding campaign, as Freeborn did at Kinecta, was a wise move. This board knows its credit union. That may sound simple, but some boards don't know where their credit union fits into the marketplace and where it needs to go.

A marketing maven might also make sense for CUs that hold large community charters but have been unable to drive member growth.

Financial wizards can of course help turn around credit unions with troubled books brought on by maybe a bad indirect lending relationship, lack of foresight with the investment portfolio that has left the CU unable to capitalize on lending potential, a CU with too much capital or vice versa, and on and on.

Business services leaders could be the right fit for a board that sees business services as a big part of the future of the credit union.

So which way a board goes all depends on where the CU wants to go. The problem is if the board doesn't know where it needs to go, then finding its next CEO can turn into a crapshoot. At that point, boards need to either hold some intense strategic planning sessions or bring in a seasoned consultant to help shape the CU's vision and determine who is right to carry it out.

A well-rounded candidate who has dabbled in many operational areas, but stands out in none, could also be right. This CEO could bring on talented marketing mavens, financial wizards and business services gurus and let them work their magic. It's similar to the old line with boards–they need to set policy but not micromanage the carrying out of that policy. Is the CEO of the future in the same vein? Someone who can put all the pieces together, but let the talent carry it out?

No matter which way a CU goes they must make certain they get a “leader” first and foremost. With all the challenges facing credit unions, someone who can lead is going to pay dividends whether they are a marketing maven, financial wizard, or business services guru.