Wednesday, June 14, 2023

The Candidate Search - Knowing Where The Problem Lies, Part 2..."This Board", Judgment Day 

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. 


Board of Directors Group Image

                                    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..."?🔥