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Developing effective board/CEO relationships sets up credit unions for success, says John Hirabayashi, CEO at $2.7 billion asset Community First Credit Union of Florida in Jacksonville.
Achieving that goal takes significant effort, he says.
The success of the relationship falls largely on the CEO, says Theresa Trimble, CEO at FRB Federal Credit Union in Washington, D.C. She has seen both sides, serving on the board of the $127 million asset credit union before becoming CEO.
“Directors have a huge responsibility,” she says. “It’s an important role, and yet they’re unpaid, this isn’t their only job, and they may have only passing knowledge of finance. It makes for an interesting dynamic.”
With that in mind, Trimble says the CEO and board need clear, shared expectations of each role. At the same time, CEOs must keep in mind that expectations can change depending on factors such as field of membership, asset size, and technological advances.
Through it all, Trimble reminds CEOs that:
Moderating a CUNA CEO Council member-only virtual roundtable with Trimble, Hirabayashi offers six practices to improve board/CEO relationships:
CUNA Council members are welcome to attend any of the ongoing free member benefit virtual roundtables and live chats. Not a member yet? Learn more at cunacouncils.org/join.