Understand that Jim Hayes has resigned. For the record, I have never met nor had a conversation with Mr. Hayes. I do not know him, but I have known about him for decades. This announcement seems to have solicited much celebration among members and staff. That celebration is premature.
✅ Mr. Hayes is not the principal problem at SECU, never was.
As an SECU member-owner, you should not be too overly pleased by Mr. Hayes' resignation. His departure is actually pretty irrelvant.
✅ The principal problem remains: "How did Mr. Hayes ever arrive at SECU as CEO in the first place? "
While we take a look at that question over the next few days, keep the following in mind...
1) Statement issued by SECU Board just 10 days ago:
❓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.
Again, ....why are y'all smiling?
2) And now this statement, issued yesterday, June 14, 2023:
Added SECU Chairman Chris Ayers, "We are grateful for Jim’s strong leadership and the vision he cast for SECU. Jim brought ideas from outside 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.”
So, let's continue to look at: "How did Mr. Hayes arrive at SECU as CEO in the first place?"
Really! How did that happen??? You will not like what you learn.... so, sorry you still need to do your homework and watch that "Inside Job" documentary for the historical context.
🔥..."strong leadership and the vision..."?🔥
Hayes was just a tool for the board. Fit right in the hire fire promote culture and fell into the freedom counseling trap.
ReplyDeleteIn hiring competent CEOs, the board is now 0-2.
ReplyDeleteAgreed. This board needs an overhaul. She/her is no better than Haze if you dig deep and look at her past. We cannot let our guard down - our trust has been broken and she's NOT super glue.
DeleteBrady will try a Nuremberg defense. That kind of leader in more ways than one.
DeleteHow will she/her ever gain back any credibility with SEANC after her beyond-tone-deaf RBL presentation?
Delete“This Board” still has to face accountability. The vote matters. We still have a lot of work to do and we’re still in a big mess it won’t be easy to get out of. But I’m going to enjoy the small victory of Hayes leaving today.
ReplyDeleteMe too😂 I needed one to celebrate even tho we have a long road
DeleteAgree. Employees were smiling and hugging when the news broke. Celebrate winning the battle but the war is still ahead.
DeleteWill re-watch the documentary tonight.
ReplyDeleteAt least all the Board guys are trying to look professional . All wearing ties!
ReplyDeleteNot wearing a tie doesn't prevent great member services. Business attire is changing in all sectors. Happy employees means better member experience.
Deletesome of us have higher expectations than being served by someone who looks like you came from the nearby labor pick up point.
DeleteI understand the need to look professional, but the idea that we have to wear a full suit and tie in order to do that is ridiculous. Maybe it’s a generational thing, but I can tell if I’m dealing with an idiot whether or not he’s wearing a suit. I’d rather have someone competent and happy with their job (and thus happy to help me) than someone wearing a suit.
DeleteAgreed, ties originate from the same time as when judges and legislatures wore white wigs. It’s very dated and was only used to keep your collar up and keep your neck warm during the winter months. No reason to bring something back that simply dangles from your neck and chokes you all day… not on the member service level anyway. Not to mention all the money poured into the Lands End attire we received
Deletesecu bowling team?
DeleteAgree! Board should be dressed down.
DeleteFrom the bleachers - found that the more professional you look (and act) the more professional you get treated.
DeleteSometimes awkward to walk into a place of business and try to determine who works there and who doesn't - should be able to tell. That used to be clear at SECU, now not so much.
DeleteI do hope that a professional dress code will be brought back. Some of our employees have taken “business casual” to a new low. Crocs, old tennis shoes, t shirts, jeans..it’s unprofessional and can make one seem lazy and unkempt. I’ve heard many members say they can’t tell some of the employees from members off the street. Professional dress=professional attitude. Maybe not ties, but dress shirts, pants etc, would be a welcome sight for sore eyes. https://www.forbes.com/sites/forbesbusinesscouncil/2022/05/04/why-dressing-like-a-professional-still-matters/amp/
DeleteAgree, you're not going bowling, you're managing my money. get out of the gutter.
DeleteYep this whole board wearing suits....as they destroy this institution. But hey, suits!!!
DeleteSuits/no suits/ties/no ties. None of this matters. What matters is SECU getting back to it's core philosophy and that's "People helping people". Much work is needed to be done. SECU technology does need a massive upgrade, RBL needs to hit the door, BOD need to be held accountable and the internal fat needs to be trimmed. We (SECU) can still "Do the right thing" in the modern financial world by offering FAIR and competitive lending rates to ALL MEMBERS also increase SECU deposit rates. I do hope Leigh Brady stays true the philosophy and does the right thing.
DeleteWatched the documentary last night. It is terrifying that we could be headed in that direction. Totally agree that this board needs to be accountable. Yes Jim Hayes is out but this board is still not admitting their mistake…. Or was this all intentional since he would be easier to control?
ReplyDeleteHayes said many times he job is cary out directions from the board. The board remains the problem. Hayes resignation is a distraction to take the attention away from the board. We can’t lose focus on voting out the current board members.
ReplyDeleteNo one is going to forget these past months. Where there is a will, there is a way. The Wills just have to work together.
DeleteEven with the resignation, it doesn't undo the contracts that have been signed and the financial commitments behind those.
ReplyDeleteWhat contracts?
DeleteNCR needs to be done away with! If you want a job in 2-3 years, you’ll want that out! They want secu to be just like all these other credit union with 200-600 employees. They don’t want 7-8K. If you want your job stability, you won’t support NCR. They want to make it to the point where you don’t need loan officers or anything. That’s not who we are. We are people helping people. Not machine helping human with a soulless transaction. That’s their goal! To reduce you! That’s who they are coming for! You! Your job! Your paycheck! Your benefits! So they can cut cost and put these machines in or make it to the point AI will do the entire job. Why do you think all these other credit unions barely have any employees? It’s soulless buildings with C-Suite executives.
Deletesure hope they bring back tax prep and decentralize loans
DeleteBrady was a primary opponent of tax prep, so don’t hold your breath on that.
Deleteprobably sent those folks to H&R Block .... you know "favors"
DeleteBrady was also on the private jet from NCR. Should tell you what you need to know about her ethical compass.
DeleteShe is a 35 year employee of SECU. May not be her style, but to be effective she is going to need to lead with some truthful humility. Hope she finds it quick, otherwise members and employees will see no difference in her and the outgoing CEO. I would suggest mending some fences with her long term staff. The one thing I learned in my previous years at SECU, all those employees can read you like a book in a very short time. If the story is not believable, the book is not worth the read. Tall order to accomplish, but I do wish the best for her and SECU.
DeleteYes. That's why she will keep going forward with NCR to return the favor. Her and all the others that boarded the private jet. There's NO free lunch.
DeleteOnce the Board takes its final breath, it's time to sweep away the rest of the cobwebs and bid adieu to those pompous EVP's, handpicked by Bombastic himself, who all possess the charm of a venomous cobra.
ReplyDeleteNow, we do need to modernize SECU OS, and our network. Our cyber security is greatly needed and maintained with professionals. Keeps SECU and the members accounts, information safe.
Deleteit's all going to the cloud, if they get their way .... ever heard of a company that has its data in the cloud being hacked? Happens all the time...
DeleteEvery job and department needs to be in house. We don’t need to outsource to other companies.
DeleteSomehow, IS is outsourcing everything, but still managed to hire hundreds of people over the last 18 months. Guess they were hired to... sign contracts? There is so much bloat.
DeleteReply to 9:27am.
DeleteOne of Josh Bombas first comments when taking over in fall of 2021 stating how bloated IS was at that time. We now know that this is because he has no idea how technology works in a complex organization. He got his job because he had a Powerpoint that listed some of the older systems and he said they could all be replaced in parallel in 3-9 months. He had no interest in hearing that was the wrong approach and would not work due to the complex nature of SECU's customized systems but to SECU's demise, Leigh and the Deputy COO believed him, they fell for his used car salesman personality, they were fooled.
Now, almost two years later, he has hired an additional 200 or so non-technical people to install all of his dream upgrades. Most of those efforts have now been put on the shelf because "guess what?", its going to take longer than six months they cant all be done at once.
If IS was bloated before, what is it now?
There is a very clear double standard between the way SECU employees and his new hires are managed.
He doesnt give a rats behind about SECU or ANY legacy employees.
HR is aware of his shenanigins. He is a cancer to SECU and needs to be ousted.
The new CEO will be doing herself a favor and the credit union as well, if she concentrates on this bloat - incompetent new hires in leadership position just because Hayes and this Board wanted to push long term employees out the door at SECU. Everyone in our state knew what was happening and the employees did too, attack the culture of SECU and make them all want to leave. Didn't want to deal with those long term employees who knew too much about the credit union they loved. The freedom counseling was about giving This Board, the Executive team and their interlopers the freedom to take care of themselves instead of us members. Almost worked, had it not been for the author of this blog and other retired SECU Leaders. SECU members owe them a great gratitude for the priceless volunteer work they have spent educating and supporting us and the employees through this dangerous time at SECU. Far from over but least going in a better direction.
DeleteHR is aware but that top gun is a new hire and lives in NJ. So what does he care?
DeleteSeems to me “this board” needs ousting, the whole lot of them. But, how can that happen? What are the procedures for such an extreme measure? SECU needs to re-establish professionalism, trust and integrity, People helping people! We can’t do that with these folks still on the board. We need guidance as to how to oust them. Thank God Jim H is gone. He did a whole lot of damage in his 18 months at SECU. But he did what he did with this boards approval and blessing. We must hold each of them accountable.
ReplyDeleteMaybe if we recite People helping People or Send us your Mama enough, the neighbors will leave on their own.
DeleteBye mama Mia!
DeleteThanks for the reminder that Hayes is just the face. His ego probably couldn't take all this backlash, but too bad the board doesn't have that problem, since they obviously have abandoned the purpose and mission of SECU.
ReplyDeleteThis member is holding Hayes and this Board accountable for what they done to my credit union. Hayes is gone, we will vote Ms Garland out in October, she's too above us all anyway.
DeleteWe members in the rural areas will vote her out, with pleasure.
DeleteUrban areas are with you! This board has affected all members.
DeleteOne small win Over a long battle ! Let's keep her/he/she/them on their toes - time to get a few new bowrd members in! Revolution at its best.
ReplyDeleteThis is probably a stupid question but since they are volunteers, can the entire board be dismissed and we just start over?
ReplyDeleteThe damage This Board has done to our credit union, our employees and especially our members will not be forgotten.
ReplyDeleteI for one will not forget any Legacy employee who had to walk out those SECU doors because of This Board's decision making skills or lack thereof. The idea of freedom counseling, go back to where you came from.
Delete9:00 pm What is freedom counseling?
DeleteFreedom counseling is the term their new culture department used to harass their long term employees into giving up everything they worked for in their careers at SECU and hit the door for good. Some comments said they even had a list where some employees weren't allowed back on specific SECU properties. What a way for a good bunch of people to be treated! And all done by outside new hires and approved by top brass. Disgusting.
DeleteIt's not about the old Red, White and Blue. What a term to use for a group spouting DEI - the whole lot of them are frauds brought into our credit union by Hayes and this board.
DeleteA few lessons I hope our former CEO and This Board have learned during these long 20 months at SECU. SECU is not considered just a financial institution to the members or employees of this cooperative, our credit union is so much more. We remember how we started with 17 individuals pooling their money selflessly to help one another during tough financial times in the world. Those honest, hard working, humble individuals were the founders of the now 2nd largest credit union in the nation. With more focus on the service than on the size and in honoring their legacy, there is no room for arrogance within the walls of SECU. Over the past 85 years, our great leaders have followed their founders' lead with servant hearts, humility and integrity. They continued the message of- We are all here to serve, not to be served. Each and every Member matters, and their value is not measured by how much or how little their financials show they possess within a given moment for that may change many times over one's lifetime. And most importantly, No One Member deserves special treatment, They All do.
ReplyDeleteIn search for a newer, bigger, better direction for this credit union, This Board has lost their way.
The members and employees know exactly where they are going, back to restoring SECU to it's rightful place, the best credit union in the nation. #NCSECU
“This board” doesn’t understand the meaning of servant leadership, but we do. It’s what makes us great at our jobs and earns the trust of members and staff.
DeleteCould not agree more! We have a long way to go in rebuilding what we have stood for in 85 years. If this Board can’t see the damage they helped cause, they are definitely blind. For me, hearing the “bring us your mama” quote 20+ years ago will always be the reminder of who we are. We have always cared about each individual member based on who they are. Hope this change was not another bad choice!
DeleteThey understand, bottom line is They just don't care! These aren't dumb people, just greedy people.
DeleteAny thoughts on what happens with LGFCU now? Hope they don't leave us and their members.
ReplyDeleteI did my homework and unfortunately corruption runs deep and has for a long time. I guess I lived a sheltered life at SECU before our, thank God, now former CEO. I so badly want to believe that we can have a moment of relief but holding my breath on that after seeing “Inside Job”. I just want to know the truth at this point!
ReplyDeleteThe saying you don't know how good you have it until you lose it still rings true .... good stewardship is an anomaly nowadays verse the standard ... corruption is rampant because when caught there is no repercussions ... matter of fact they are rewarded with another high paying job.
DeleteBrady bunch is doing an awesome (just like the yacht sunset) job in controlling the narrative of Hazy's exit/running away in the media.
ReplyDeleteThe main achievement to pinpoint constantly is this:
"during his tenure at SECU Hayes oversaw some cultural changes, including a more relaxed dress code.". Hilarious that after 20 months (1 whole year and 18 months) relaxed dress code is all there is to brag about even in the media. NOTHING else.
If you really think about it, losing 3 billion in 20 months (let's leave the internal chaos aside since it's too much to comprehend for Hazy) is an achievement too. Maybe he deserves at least a humble brag in the cyber space!!!
How he still managed to get another CEO job right after our collosal money drain and add in the midst of an ongoing mayhem is another 3 billion dollar question. He sure is slippery than a slippery fish 😲
DeleteJust like this board, is his current board enamored by his failures too or were there other forces at work in helping him snatch this position? That must have been some pretty mighty convincing!
Sure bet the employees and members there are very nervous now. Bet his current board will keep him under a tight leash. No more all employee emails and selfies and hashtags for life I guess.
Agreed!!! SECU's bogus culture group wore that dress code change out in 2021 and they are still talking about iit upon his departure. Mercy, we don't really care if the men at SECU wear ties or not. If the new CEO even has hopes of being taking seriously as a leader, she might consider making some significant staffing changes in that department or cut it all together. Appears they are more of a problem, than a solution. Maybe their idea of culture is all about a position for them. What's the benefit in that for us members?
Delete10:28 pm. Sometimes it's not what you know, it's who you know. ncua.
DeleteAnd there are times, it can be both.
don't forgot increasing loan losses and increasing operating expenses---Not coming close to the strategic plan. Guess "this Board" and Brady will blame Hayes. Nope. they hired him. What Brady said at the SEANC meeting was alarming. No understanding of what RBL does to the members---just get a cosigner. Go to your momma! I hope the first thing she does is go downstairs and work on the teller line for a couple of weeks. Then go be a loan officer for a while. Get some branch experience, finally. Find out how the world that uses financials services at SECU lives and how those"legacy" (like its something to be ashamed of!!) employees serve the members, instead of the other way round.
Deleteyep I was in a branch the other day and thought I'd wandered into a McDonalds!
DeleteBombastica:
DeleteOh it's the cost of doing BUSINESS. And before I sign off, Zelle anyone?
again as JB says watch the movie 'Inside Job' and you will no longer think this is unusual. Matter of fact it's just the opposite.
DeleteExcept, for the board, he has done an amazing job in 20 months with all these achievements (which is always a work in progress for every work place):
Delete"Jim brought ideas from outside 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.”
Now if only they could have elaborated on one these eloquent achievements of his! The dude is a miracle worker to have done all this and STILL failed by losing 3 billion.
Board is living in an alternate dimension. We need to start voting for candidates who live in our earthly world amongst us earthlings to get back to our regular course, set things right and move forward.
Strengthened Staff? Stifling their talents and abilities does not constitute strengthen ing staff. But maybe Mr Ayers was talking about their willingness to fight for their members and SECU, we could have passed on that exercise in the Gym.
DeleteTalking about exercise and gym, will Brady bunch revert the gym at Salisbury Street to it's original intended purpose - for the use of school kids or will she start hitting the gym regularly instead?
DeleteJim Hayes?? Mo like Jim Byes! Wooooo. I'm here all week folks
ReplyDelete