✅ After Dissidents Ousted 3 Board Members in Prior Election, SECU Mulling Changes to Voting
RALEIGH, N.C.–After its most recent board elections results ended in dissidents ousting three members of its board, State Employees Credit Union said it is studying potential changes to how members elect board members.
The $54.5-billion SECU, the second largest CU in the world, drew considerable local press coverage over both its board elections and events that took place during its annual meeting, as CUToday.info reported [see story ink here] and [see story link here].
The dispute centered on SECU’s decision to move away from its traditional one-loan-rate-for-all-members policy toward risk-based pricing, and led to its current CEO [see clarifying a statement story link here] related to the wife of its former CEO that appeared in CUToday.info.
A ‘Key Change’
Now, according to Business North Carolina, the credit union is considering a key change that involves sending ballots to 2.3 million eligible members, or nearly a quarter of the population of North Carolina.
“SECU hasn’t mailed election ballots previously, a practice common for publicly traded companies,” Business North Carolina noted.
Four board members are up for re-election at SECU’s October 2024 annual meeting in Greensboro, N.C. Voting previously was done by paper ballot requested by members or at the meeting itself.
“SECU’s board last year launched an electronic voting option, but only 0.5% of eligible voters took part in the election, or 13,372,” the report noted.
The Three New Directors
As CUToday.info previously reported, in October 2023 three new directors were voted in--Michael Clements, Barbara Perkins and Chuck Stone–defeating veteran directors Alice Garland, Thomas Parrish and Jo Anne Sanford, “who were favored by SECU’s board,” the report sad.
The new directors were supported by former SECU CEOs Jim Blaine and Mike Lord, who have challenged the credit union board for “weaker financial performance and policy shifts,” Business North Carolina said, the latter a reference to risk-based pricing.
“SECU is considering the changes to boost member awareness of the elections, encourage participation and make it easier to vote, a spokeswoman says,” the publication added. “The credit union’s board elections have rarely been contested since its formation in 1937.”
The ‘Critical’ Question
Blaine told Business North Carolina he favors more input from members, including voting on directors in what is likely to be another competitive contest. He told the publication whether SECU’s proxy materials provide equal treatment for candidates who aren’t favored by the current board will be critical.
Blaine further told Business North Carolina his website, which is often critical of SECU and its new management team led by CEO Leigh Brady, averages more than 100,000 page views per month.
“Mailing ballots is their best hope to avoid another ouster,” Blaine told the publication.
Referring to employees and long-time members as dissidents ... really? Just as Brady proved when she lied to the press regarding the character of the members who spoke at the annual meeting, she does not listen/hear the sincere concerns voiced by the members/employees. She/BOD think - how dare someone oppose their policy changes. And our goal to replace 4 more in October is terrifying them. Even more terrifying because the new executives hired from the commercial/bank field only have a FOR PROFIT mentality and do not understand the credit union's not-for-profit cooperative culture. Voting in 2024: With mass mailings and without full disclosure of the nominee policy differences to the membership, most members will likely vote for the board recommended nominees not realizing how much their policy changes will cost them. Replacing 4 board members in October must be done before the work can start to return SECU to its original path. Member-owners must take ownership of their credit union in October. - Just my opinion, Charity
ReplyDeleteI already added some comments regarding the voting, but I also want to thank you and others for your many efforts to save SECU and educate the member-owners.
ReplyDeleteI wish Poor Leigh would "All my best" her way out and take the Fab 8 with her. I've never seen employee morale as low as it is now. She & the board could not care less. I pray that all this crooked, sneaky, shady & rotten behavior comes to a head and they see themselves out - just like Gym Haze did. The majority of employees want to be "people helping people" again. The only way our credit union can do so is if we can get 4 more in '24!
ReplyDeleteRemember a few years ago when 'superstars' were rewarded with extra pay? I guess all these new people hired were already superstars since they supposedly have high salaries. I have been a VP for a little over 15 years and have no financial incentives/career path since already a 4. I know there are some ABM's making as much as I am based on the salary schedule. So much for that salary study. There should be something in place to ensure VP's are compensated more than ABM's in the organization. My SVP says we should be thankful to work for a great organization and I agree However it is disappointing to see what has happened to long term employees.
ReplyDeleteSeniorVicePresident (SVP) ok. what is ABM?
DeleteI remember that am very thankful that it happened. I think we all know we can never trust another anonymous survey again. Is it even safe for employees to vote this year? Can the Board find out how we voted and pass that info down to the higher ups? It is sad what we have become.
DeleteCorrect, when your SVP has many years left. Abm = assistant branch manager
DeleteABM is Assistant Branch Manager
DeleteI know some "superstars " were just best friends with the boss and that's how they got the 15k extra. It was a bad program b/c no one was told who the superstars were.
DeleteI've never been bothered by people under me making more than I do. What does bother me is that they keep hiring more executives at 6-figure salaries while refusing to hire more people who do the actual work because "do more with less."
Delete“SECU is considering the changes to boost member awareness of the elections, encourage participation and make it easier to vote, a spokeswoman says,” the publication added. “The credit union’s board elections have rarely been contested since its formation in 1937.”
ReplyDeleteFirst of all they tried their best last year to make nominating board members as difficult as it's ever been.
Trust me they don't have the members best interests at heart when it comes to voting. They are only concerned with their interest.
The contested part is what they want to stop... they want to be able to do whatever they want when they want and for everyone, as one poster said awhile back, to Just STFU ...
If it wasn't for the folks here they would get their wish because the oversight organizations don't care to do their job and really don't have the time to care about their fellow citizens and members of SECU.
'What underpins a world order is always the financial system.'
ReplyDeleteThey can't have a unicorn messing with their plans ...
.They have changed so much since Gym infiltrated SECU that I feel we are Humpty Dumpty and the board pushed us off the wall ...
Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.
These pseudo directors should stand up for a total and complete RECALL.
ReplyDeleteThey have been trying to put the fix in since Oct. 2023. This will be a false election to keep the majority Board in place. Members and Employees are not the focus. Rate changes that benefit who? The 2023 Merit funding was denied to long term Managers and Staff! New employees that were overpaid and hired recently got over 85% of the funds per an HR person that feels under fire. People are being stepped on! Good people are leaving or retiring! The culture is?
ReplyDeleteIf those 4 board tyrants and the CEO ain't sent packing after October, your chance of SECU serving it's members and their children with a hint of compassion will be gone forever ... JMO
ReplyDeleteIt’s not just serving people with compassion, it is treating people fairly. It is a proven excellent business model. Wildly successful for the first 85 years, until This Board took over and hired Gym Hayes. Financials have been down hill ever since they’ve tried to implement banking practices because they have fourth rate bankers running things. It was the best credit union in the country. Not sure what it is now…
DeleteSo our challenge is to get more folks to vote than they do—the Brady Bunch doesn’t mind freely spending our money to screw us over. Been well demonstrated for the last three years. And they’re gonna spend millions to keep Brinson, Fleming, Williams and Wooten in office.
Delete"So our challenge is to get more folks to vote than they do"
DeleteHow do we do that? They own the voter info ...
And if you try anything at a branch, these folks will do anything to keep the truth from being spoken ... You can't change the truth but you can suppress those who speak it!
Anything related to this board and CEO is not beneficial to the members or employees of SECU (other than their pet C-Suites), despite how it is portrayed.
ReplyDeleteI still think they will lose 🤣
ReplyDeleteI'm praying so! 4 more in '24!
Deleteprayer is the first thing we do, the work it takes after that follows... We Ask but we ask with the right motives ...
DeleteWe need to make sure our Advisory Board members share are aware and spread the word, SECU employees do the best they can to spread the word and former SECU employee voice their opinion on social meeting and in their community.
ReplyDeleteI for sure will do all of the above. We need to go back to doing the “right thing” and send us your momma