CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » C-suite succession: 5 steps to consider
Leadership Subscribers

C-suite succession: 5 steps to consider

Create a leadership structure and develop talent that will allow the credit union to grow strategically.

August 17, 2022
Jennifer Plager
No Comments
2022_08_John_Lyon_1200
John Lyon, president/CEO of Southern Lakes Credit Union.

Listen to the article

C-suite succession: 5 steps to consider
 

While the need for CEO succession plans is well documented, it’s just as important to plan for succession at the executive level of the organization, says Brian McHenry, senior vice president/principal at c. myers.

“Human resources is moving more toward strategic people growth,” says McHenry. “Talent underpins an organization’s ability to move forward, take advantage of opportunities, and mitigate risk.”

Southern Lakes Credit Union in Kenosha, Wis., knows the importance of succession planning at the C-suite level. 

From 2016 through Jan. 1, 2022, the $120 million asset credit union had four people fill the CEO role in either a permanent or interim role. With turnover at the top, C-suite employees took on additional duties during stressful times of transition.

“It’s one thing to have presidential turnover, which can inject apprehension and uncertainty into an organization,” says John Lyon, who served in an interim role for seven months before being named president/CEO on Jan. 1, 2022. “But the C-suite/VP level provides stability in these times for the credit union, its team, and its members.

"When the C-suite leadership is in flux along with the president, it can be even more stressful for many team members. It further may cause leadership and knowledge gaps in the organization which makes it even more difficult for team members and requires extra effort in both training and leadership.”

‘Talent underpins an organization’s ability to move forward, take advantage of opportunities, and mitigate risk.’
Brian McHenry

Southern Lakes’ story highlights the importance of having a succession plan in place at the executive level. McHenry says leaders should take these five steps:

  1. Create your strategic people direction. Look at your credit union’s organizational chart. Does it still fit the credit union’s needs and direction? If not, determine what your organization is trying to do and what needs to be done to get there. Build the structure without considering faces and names and instead build it for what the organization wants in the future, not what it has today.
  2. Have clarity of purpose, roles, and responsibilities. A clear purpose will help define roles and responsibilities and how to approach goals while the roles and responsibilities for each position will ensure the team works together, McHenry says. 
  3. Identify desired characteristics. Think about the role-specific duties of each position, as well as the technical skills, leadership traits, and behaviors that must be present within the team. “Make sure they’re all working well together,” McHenry says. 
  4. Invest in leadership development. Now that you’ve identified the roles and responsibilities and what the leadership structure looks like, look at your people and figure out how to get there. “Assess your people and know their capabilities,” he says. “Then you can start closing the gaps and put development plans in place because you know what is needed.”
  5. Create more time. Create a succession plan now. Integrate leadership development into what you’re already doing. Change measures of individual success from a focus on production to a focus on strategic thinking and development. Delegate responsibilities to create opportunities for growth, McHenry says. Consider emerging talent when making these decisions.
CUNA HR and  Organizational Development Council

Southern Lakes’ previous succession policy and plan focused mainly on the president/CEO role, Lyon says. Longer-tenured employees were cross-trained and could step in when needed during a CEO vacancy.

“A comprehensive succession plan lends stability in uncertain times and helps team members feel less apprehension when a specific plan is in place,” Lyon says. “This in turn helps them focus less on the uncertain future and more on their normal job duties and the membership.”

KEYWORDS succession planning

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Nussle: Broad classification of ‘junk fees’ in SOTU will hurt consumers

  • ‘Distinctly and uniquely me’

  • Auto lending report shows significant credit union member savings

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us