Saturday, June 17, 2023

The Candidate Search - Knowing Where The Problem Lies, Part 10 - Mr. Hayes As Wescorp CFO, NCUA's Pick?


✅ WesCorp CEO Promotes Hayes

By Heather Anderson |Updated on April 29, 2008 


WesCorp announced a shift in its executive staff April 22, 2008 naming Jim Hayes chief financial officer and senior vice-president, ...

Hayes replaces longtime CFO Todd Lane, who left to take the CEO job at Executive Compensation Solutions last month.

WesCorp CEO Bob Siravo said he would now be looking to fill two positions: senior vice-president of payment systems and chief of staff. 

Board of Directors Group Image 

 ❓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.

 Mr. Hayes was promoted to CFO two years before Wescorp was liquidated in 2010! Hayes was appointed CFO by Wescorp CEO Bob Siravo - not NCUA.  [Siravo was later fired as CEO by NCUA in 2009].

... a little "sketchy" on your timeline and what actually occurred.







  1. Guess this whole paragraph is just utter nonsense:

    "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."

    Such arrogance. Incredible to send this paragraph to thousands of employees.

    1. Did “this board” expect not to be fact checked? Or were they completely incompetent and negligent? Or both?

  2. "This Board" ignored so many emails, full of real concerns, from members and employees, for so long. Just silence. When they do finally choose to communicate to employees, it is in an arrogant, patronizing manner to prop up a feckless CEO with false claims. They have to go!

    1. But they were always so "open" - I'm sorry any person who has that much time for selfies obviously isn't taking the job seriously

    2. Gym haze is in over his head . Selfies and posts are merely distractions on the utter arrogance and recklessness on the changes he tried to make in a short amount of time.

    3. Yes, many members and retired legacy leaders have shared they only ever got crickets in response to their valid, informed concerns and questions.

  3. best to quit digging (communicating) after you dug yourself a hole so deep you can't get out of it ...(probably was told by legal to be quiet). They'll use ChatGPT for all future responses ....

  4. One of the first places to clean house is with the legal Department! Why does secu need so many lawyers? Because the bod and admin don't know how to do the right thing.