There is a serious credibility problem at SECU which appears to be growing substantially, among both members and staff. Why is this happening?
What started out as a polite resolution of inquiry at the 2022 Annual Membership [see Oct. 11, 2022 post], concerning issues of LGFCU merger, open membership, credit score-tiered lending, multi-state expansion, and commercial lending has metastasized into a cancer of disbelief and distrust for the leadership of SECU.
Now, that's only my personal opinion, but it is based upon listening, over the last several months, to SECU Board responses which were less than forthcoming and frequently simply false. The unwillingness by the SECU Board to provide the data and research which supported their views was surprising and disheartening - and not what a member-owned cooperative is about.
Most appalling, however, was - and still is - the willingness of every Board member to remain silent when SECU leadership made statements to the membership - and to the public - which were untrue. No Board member - in my opinion - escapes accountability, responsibility, and liability for aiding and abetting deception and misrepresentation through their silence. Their silence is their endorsement.
The SECU Board meets next Tuesday. Over the next week we're going to take a serious look at the judgment of the SECU Board of Directors - "This Board". Our first focus will be on how it was possible for "this Board" in 2021 to choose the least likely candidate on the planet to become the new CEO at SECU. How did that happen?
You will not like what you learn.... so, let's start with the recent full endorsement by "this Board" of their leadership choice.
Nothing to smile about, folks...
❓In evaluating CEO candidates, was the Board of Directors aware of Jim Hayes's time as CFO at Wescorp
when it went into receivership?
✔ Yes. The Board of Directors retained Russell Reynolds to conduct a national candidate search and extensively investigate all CEO candidates, including Jim Hayes. The investigation included conversations with regulators and others with first-hand knowledge of the Wescorp receivership and related litigation. Through those conversations, it was clear that not only did Mr. Hayes have nothing to do with the issues that put Wescorp into receivership, the National Credit Union Administration (NCUA) retained him as the CFO because they trusted him to stabilize the situation and wind down operations in an orderly manner. The Board concluded that the same leadership qualities that NCUA recognized when it asked Mr. Hayes to navigate Wescorp through receivership as CFO, stood as concrete examples of an SECU leader "Doing the Right Thing," particularly in the face of adversity.
...but if, as a member, you're going to take this seriously, you need to invest some time in that documentary "Inside Job" [June 2, 2023 post], so you will have some context for what you are about to learn.
Really, the PTO, snark, score-settling, "character tweaking", yacht party etc is "interesting", but you need to stop and do your homework if you want to decide if a major change is actually needed - this is crunch week.
well after watching that I needed to take a shower ... this is what is considered white collar crimes .... those folks should have been interviewed in orange jump suits. These boards need to be held accountable to the C-suites they hire and work within the organization.
ReplyDeleteCrunch week indeed…Hayes is outta here!
ReplyDeleteNow we have to hope that the cancer he enabled is expelled. Wont be on the right track until Bomba is gone. He is responsible for just as much or more of the damage to SECU over the past 20 months. Jim followed his lead in making poor technology decisions. This one will be tough because he has the new CEO and current Deputy COO believing him. I'm sure there are several others, but needs to start here. He's selling snake oil and doing it at the expense of SECU. You cant go forward with someone who can't be trusted.
DeleteI wonder what all the new/new outside people will do now, particularly the ones who came with Haze. We have a chance to right this ship now, and we’d better do it. I’m feeling a lot better today than I have since 8/21.
DeleteI’m really enjoying the irony of Haze being freedom counseled.
Now time to drain the rest of the swamp! Also, the new CEO will need to prove she is no longer "drinking the Hayes koolaid" before we can put our trust in her.. She should not get a free pass..
DeleteI'm a member. It seems to me from the outside, that the BOD hired Hayes to do what he did. Read the press release announcing his departure and Leigh Brady's hire. I think the BOD expects Ms. Brady will continue what the BOD implemented with Hayes. "We are grateful for Jim’s strong leadership and the vision he cast for SECU,” Ayers said. “Jim brought ideas from
Deleteoutside our institution that will continue to help SECU meet our members where they are and improve their experience. His contributions helped strengthen our staff, modernize technology, enhance member products
and services, and position SECU for the future.”
That's the chair speaking. Doesn't sound to me like anything will change with Ms Brady except that she has worked there for a long time. But reading the comments here, it doesn't sound like her heart is right for the job. She surely doesn't understand the finances of the state employees and their families. (see May 31 post )It doesn't sound like anything much will improve. The BOD has dismantled many structures and policies, hired bankers, pushed a bill in the house to completely destroy SECU as we've known it for 85 years. somehow it's hard to believe they changed with Hayes' departure. Wonder how much he bilked us for in 18 months?
The whole bombastic blustering pompous crew needs to go. What Hazy saw in him !!! Should be all that arrogance, long winded ramblings and flippant responses. Kindred spirits recognizing each other - at least on Hazy's side...
DeleteAh. Wonder who gave the freedom counseling. Did they sic MiaMiaMia on him (again) like they did with the IT guys?
DeleteWonder how much of a balloon payment Gym is going to get as he departs.
DeleteFor a board that was arrogant and defiant just a few weeks ago with a long all employee email supporting and smoking the hazy fumes, it changed the tune pretty quickly yesterday. With 3 of their own up for re-election in 3 months and pretty poor results with NOTHING to show for financials, guess the song HAD to change with a different kind of card to play in a short and sweet email.
ReplyDeleteCut Hayes off to save themselves.
DeleteAmazing when leaders like to get cocky and arrogant and then have to eat some crow.
DeleteBut are they eating crow? Don't think so! Think Jim Hayes instigated his own move...
DeleteYes, agree with that. Board was caught unaware. Haze knew which way the wind was blowing and ran quick with his tailed tucked between his legs. Board fooled once AGAIN.
DeleteMore in sorrow than in anger we MUST completely redo this board that led us to this disastrous place and return to the traditional SECU "Members FIRST" values.
ReplyDelete#1 priority
DeleteThen man your ships! And may the Force be with you.
ReplyDeletethe corruption runs deep and wide ....
ReplyDeleteSo he committed us to NCR while interviewing for this job. And had the BOD send out a company wide email in support while he was interviewing.
ReplyDeleteNCR is only ONE PART of the picture in IS. There has been so much waste. SECU has paid for so many products, vendors, and people that are unnecessary.
DeleteNCR doesn’t even have a clear direction for the future of their own business, how on earth can they help us???
DeleteUndo the NCR deal that’s going to automate jobs and drastically reduce the workforce. Get rid of Bomba, Carl Seabrook and Emma Hayes. We will be better. If you are reading this Brady. Just do the right thing and get rid of them. We don’t want female hayes 2.0.
ReplyDeleteSECU employees are breathing a collective sigh of relief, but we have a lot of work to do so we can get back to the business of doing the right thing for members and staff. Hayes leaving is only the 1st step.
ReplyDeleteMembers and staff, your voices MATTER. Your votes for the Board MATTER. Time to buckle down.
He needs to take the Culture Club with him. They need to be at least dropped back a step and out of the c-suite.
ReplyDeleteYou wouldn’t be referring to the two recently hired SVPs that were just promoted to Associate EVPs, would you? One of which has a whopping total of one employee (VP of Sustainability no less) reporting to her. A whole lot of room in that C-suite apparently. Maybe they’ll make the next list of highest paid SECU employees after being here six months….
DeleteYes, this department makes no sense. What has exactly changed ? Why do we have a VP of Sustainability but nobody else in the department? IT dept has I believe the most EVPs, associate EVPs, SVPs then VP and finally workers. Too much bloat. Now, we do need IT and modernize our systems but it's almost like the Oprah Winfrey show. Instead of cars it's "You get a EVP, you get a VP and you get a SVP and you get a VP.... EVERYONE gets a VP!! 🎁🥳🎉🎉🎉🎉".
DeleteIt's probably worth evaluating the need/value for every single SVP/EVP hired during the Haze Phase. Cut the bloat!
DeleteLeaves a 2 billion Andrews Federal CU to a once 53Billion to a 50 BILLION then back to a 2 Billion.
ReplyDeleteHe was way in over his head with this big of a credit union
ReplyDeletenot just big...complex. relied on expertise of loan officers, not just a credit score number. Everyone used to be equal. Now have a DEI person to pretend that they are. Members and employees were treated respectfully. This Board set the tone, unfortunately. That's gone and let's see if Leigh brings any of it back......seems like another bad hire
DeleteThe 3 BOD's up for reelection need to be voted out to send a message. Screw me once shame on you, screw me twice shame on me! and then the new BOD's need to hold their (C-Suite) feet to the fire! No more free passes you showed us what you think of employees and members. SECU is back to being run the right way! Go back to the organizations you came from. You are a match made in heaven. But you don't belong here ruining this one!
ReplyDeleteWill the Brady bunch (board & Brady) going to reverse/undo as much damage as possible in all areas? Let the contact center go back to their usual shifts and branches their regular job so members can be taken care of, bring back the outsourced departments, stop the max PTO for C-Suite, roll back the benefits alteration (vacation/PTO, retirement package, HSA with MetLife 'Insurance', etc.), cut out the unwanted explosion in C-Suite, not moving forward with unwanted / wrong decisions on software & hardware - especially when vendor handouts were involved like NCR, and so on and so on.
ReplyDeleteWhat is going to be their FIRST move and what's going to follow that? Definitely they don't think replacing Haze with the first woman CEO is all it takes and milk it for what it's worth? And that members and employees alike will drink this new flavor of Kool-Aid?
Please add the NICE phone system to it along with Jared in C-Suite.
DeleteMaybe SECU can get its groove back now.
ReplyDelete