Succession planning has taken on more importance during the past few years. Nearly half of all credit union CEOs plan to retire in the next 10 years, about one quarter of them in the next five years. A good succession plan charts a plan of action for the board and employees that covers a variety of situations including the death of a CEO, accidents, disability, termination, or retirement. Boards play a critical role in succession planning by ensuring that the credit union will serve members effectively even if key staff or directors are unable to continue in their positions.
This is a CUNA Volunteer Achievement Program course.