Providing no additional details, an employee at AOD Federal Credit Union told Credit Union Times on Sept. 9 that Richard Simonton is no longer the cooperative’s president/CEO.
However, the employee at the Bynum, Ala.-based credit union did not reveal Simonton’s departure date.
Simonton was hired in December 2012 to lead AOD FCU.
All questions were referred to an administrative assistant, who did not respond to several messages.
On Aug. 27, Simonton told Credit Union Times he didn't know why the credit union’s board of directors denied his request for a commitment for future employment.
He said there was a possibility that he would be leaving AOD FCU at the end of October, but said there were other factors at play that could impact his future at the credit union.
Still, he was pursuing other opportunities in the area, he said. Simonton told Credit Union Times he would be able to talk more at a later date.
However, attempts to reach Simonton were unsuccessful.
While Simonton worked at AOD FCU in Bynum, a town roughly 60 miles east of Birmingham, Ala., his wife and 14 children stayed behind in Florida, seven of whome still live at home.
Simonton said he came to the credit union with the intent of staying permanently, but asked for the contract before moving his large family to Alabama.
Attempts to reach AOD FCU Board Chairman Gordon “Doc” Williamson were unsuccessful.
At the time of Simonton’s appointment, Williamson said, “With his knowledge and over 30 years of experience in the credit union industry, as well as his dedication to member service, Rich will be a strong leader as the credit union continues to grow.”
Prior to coming to AOD FCU, Simonton served as a conservatorship CEO at the NCUA, according to the credit union’s January 2013 member newsletter. He also served as both the CEO and chief financial officer for the $467 million Insight Credit Union in Orlando, Fla., from 1993 to 2010.
Simonton has held positions as CFO and vice president of finance at several other credit unions and was a member of the audit committee of the former Southeast Corporate Federal Credit Union in Tallahassee, Fla. He began his career in financial services as an examiner for the NCUA.
While it’s not known why Simonton was denied a contract for future employment, some experts say the reasons why a top executive is voted out can the run the gamut. According to research from the CUNA HR/TD Council, coaching and mentoring can be instrumental shaping strong bosses.
The council's research said good bosses provide constant feedback on job performance and explain clearly how their departments and individual employees contribute to organization's success. Bad leadership can cause increased absenteeism and lower productivity.