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Delayed retirements a succession-planning opportunity
MADISON, Wis. (11/3/09)--Credit unions look like they'll be in a good position when their current CEO retires. Roughly 63% of credit unions with $100 million or more in assets have a succession plan in place that specifies how the CEO will be replaced, says the Credit Union National Association's (CUNA's) recently released 2009-2010 CEO Total Compensation Survey. Among credit unions in that asset group, 19% of credit union CEOs plan to retire in the next five years, down from 29% in 2008, says the new CUNA report. CEOs across the nation are delaying retirement, either because they experienced a loss in retirement savings or they are invested in seeing their organization through these trying times. "Although the number of CEOs planning to retire in the near future has decreased, it is crucial that credit unions have a succession plan in place so that they are prepared for the CEO's departure," said Beth Soltis, senior research analyst for CUNA. "Credit unions' performance will suffer if they do not have the right talent in place," Soltis added. "Considering today's shortage of qualified leaders, leadership development and succession planning should be a top priority for every organization." The survey provides nationwide CEO compensation data for credit unions $100 million plus in assets. Results are categorized by asset size, region and other points of comparison to help credit unions attract or retain top CEO talent. The report--available in print or PDF format--also provides the monetary value of the total compensation package to help measure the bottom-line value of CEO compensation packages compared with other credit unions. Those who purchase the report may also receive a discount on the CEO Total Compensation: Self-Selected Peer Analysis, a customized analysis that reveals CEO salaries, health plans, contract terms, bonuses, retirement plans and more for 10 or more credit unions that meet a credit union's own peer criteria. Each report is presentation ready. For more information, use the resource link.
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