With the credit union's future on the line, professional recruiters said it is crucial for credit union volunteers to do important groundwork that can help them attract the right CEO.

Jackie Moes, managing partner of Cuhire in Edina, Minn., recommended boards first review the credit union's strategic plan.

"When you are replacing a 20-year or 30-year CEO, it's important for the board to understand the strategic direction and the initiatives of the credit union because members of the board may have a different idea of what they are," Moes said.

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