Dismissed Western Corporate Federal Credit Union President/CEO Bob Siravo did receive a large retirement payout in 2008, but it was from a deferred compensation plan and not a golden parachute severance payout, former WesCorp Board Member Diana Dykstra said.
Dykstra, president/CEO of the $610 million San Francisco Fire Credit Union, was also dismissed from WesCorp's board of directors when the NCUA seized the corporate on March 20. She broke her WesCorp-related silence and addressed rumors that former president/CEO Siravo received as much as $6 million after the conservatorship.
WesCorp announced it had paid nearly $7 million on a "nonqualified defined benefit plan" when it released its 2008 annual report in late May. The amount was much higher than the $293,000 paid out in 2007. WesCorp also added another $4 million worth of "plan amendments" to the 2008 budget (CU Times, June 10, 2009).
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
