From NCUA website [link Corporate Stabilization Plan]
... smiling about "this Board's" good luck in finding the right CEO?
✔ 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.
Anybody wonder how NCUA could recommend Jim Hayes to be CEO of SECU?... and how in the world "this Board" could have agreed? It appears to be an "Inside Job" - on both sides. Nasty business... please keep reading!