Building Succession Plans Critical with Baby Boomers Beginning to Retire

AUSTIN, Texas — An effective succession plan can minimize turmoil often associated with a credit union’s planned or unplanned senior level personnel vacancies, particularly when a shrinking labor pool makes finding qualified talent difficult. Garry Modrell and Charles Shanley, executive consultants with John M. Floyd & Associates, Inc. Executive Search Group, delivered that message to credit union professionals at an educational breakout session during Texas Credit Union League’s Annual Meeting April 12.

Modrell and Shanley shared statistics indicating that a whopping 60% of CEOs will retire within the next 10 years. With one person in the U.S. turning 60 every eight seconds, according to the consultants, executives need to prepare for planned retirements as well as unexpected vacancies.