Every year new executives coming in and "more mature" ones retiring and it seemed like 2011 had more than its share. The turnover has plusses and minuses. Of course some credit unions could use the fresh blood while others are losing solid leaders but have a strong, fresh crop coming in behind them.
The boomer generation, begat by soldiers returning home from World War II and their partners, was the largest in its time. Now those folks are beginning to hit the retirement age and all businesses must be prepared for the so-called brain drain with bright, well-trained new leaders ready to take their place. Succession planning will be more important than ever. Seemingly more often than in the past, these rising stars are women.
While no one should achieve their professional status solely based on gender, it was encouraging to see that a number of the incoming CEOs among credit unions and their vendors last year were women. For example, Karen Harbin, former executive vice president, succeeds CEO Gary Wallace, who retired Dec. 31 after 35 years of service, at $909 million Commonwealth Credit Union in Frankfurt, Ky.
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