4 tips for first-time CEOs
Approach the job knowing expectations, and be ready to listen and learn.
No one ever took on the role as CEO claiming to have all the answers.
While new CEOs may know the ins and outs of running the credit union, they may not know all of the intricacies of being the top leader.
Three credit unions leaders offer insights into how first-time CEOs can thrive:
1. Have direction. Know what the board expects you to accomplish, and establish a clear line of communication with the board. Determine whether you’re going to have regular communication with all board members or have communications pass through the board chair.
“It’s important that your board give you clear direction on what they expect,” says Doug Fagan, president/CEO at $695 million asset Partner Colorado Credit Union in Arvada, Colo. “It’s your job to go out there and execute.”
2. Listen and learn. When starting the job, wait 90 to 120 days before implementing any changes. Take this time to learn about the organization and team, cultivate relationships with the board, and set expectations.
“I tend to move really fast, and that was possibly the hardest 120 days of my life. But it served me well in that I was able to learn who was in what seat,” says Jennifer Watson, CEO at $58 million asset Limestone Federal Credit Union in Manistique, Mich. “Then, when I did need to make decisions, it wasn’t as hard because I was coming from a place of understanding.”
3. Clarify roles. Know who’s doing what in the credit union and which roles are critical for the organization to achieve the strategy and results the board has outlined. Also, hire the right people based on this strategy.
“We talk a lot about the right people in the right seats,” says Darius Wise, president/CEO at $350 million asset Red Rocks Credit Union in Littleton, Colo. “Do you have the right people in the right seats who can lead you where you need to go?”
4. Stay true to yourself. After a potentially long and in-depth selection process, the board hired you to represent the membership, serve the community, and lead staff. Stay true to who you are, remain teachable, and continue to grow.
“They hired you with the skill sets you have to do just that,” Wise says. “If they wanted to hire someone else, they would’ve done that.”
This is especially true if you were already working at the credit union and received a promotion.
“They hired you because they’ve seen what you do and they’ve seen how you lead without telling people ‘I’m leading,’” Fagan says. “You do it by example.”