... where to start?
Not going to say much about this situation, but the cascade of controversy which occurred at SECU from September, 2021 to May, 2023 was unprecedented - no disagreement there!
The SECU Board had selected a most improbable leader. Plenty of room for finger-pointing on what followed operationally, financially, and with staff and member trust; but the core question of SECU Board judgment still stuns ... Why did they do that?
Nationally, many credit union professionals with long memories were pretty d-sure a mistake had been made, the SECU Board had been foxed! [If you want the whole history start here -"The Candidate Search"].
Hope you will note that far from being "disguntled"; at the time, I made no comment on the CEO selection. The Annual Meeting Resolution was not made until over a year later in October, 2022. In that resolution no mention is made of the CEO. The resolution questions were addressed to the SECU Board.
Being disgruntled wasn't required to simply watch and listen to the "kettle boil over" at SECU during September, 2021 to May, 2023 - missteps and mishaps mounted!
The SECU Board issued a public letter of support for the CEO - all Board members "hand-signed"! 
Much to the surprise of the SECU Board, the CEO departed abruptly the following week - evidently he was "disgruntled".
✅ Improbable decisions, lack of transparency, and questionable judgment by any group is "a red flag" which erodes confidence and destroys trust.
😎 Being disgruntled is the result, not the reason!
... hang on, one more day, finish tomorrow!
Gym was a total misfire by the board, but his / their agenda continued and there is no real improvement. Curious if you would share your view about the board’s decision to hire LB. Do you think they should have searched again and gone external?
ReplyDeleteNot only did Jim Hayes wreak havoc within the organization, he reinforced how inept this Board is. He proved this by resigning a week after the BOD sent a memo to all staff explaining how proud they are to have Jim lead us into the future. A week later...he's gone. Its embarrassing how out of touch they are.
ReplyDelete"Were there is no vision, the people are unrestrained" ...
ReplyDeleteHope SECU doesn't pretend they're the only game in town ...
ReplyDeleteI am of the belief that Hayes leaving wasnt actually a surprise. I believe he was brought in to shake it all up and that it was planned for Leigh all along. I know for a fact that after Jim Hayes was hired, Leigh told a high ranking SECU official that she needed that individual to stick around for two years. How would she have known that if it wasnt planned?
ReplyDeleteI dont blame her for doing whatever she needed to do to get the job, but unfortunatly she will never push back on this board. She does not have the integrity to do the right thing and make the tough decisions. The ones that were made by Mr. Blaine and Mr. Lord....the ones that allowed us to succeed and to prosper, the ones that made us great.
Pretty good chance that if the four Member nominated candidates had won, we would have suddenly heard her praising the idea of one rate for all....whatever it takes, right?
The board has changed the fundamental pinnings of the credit union to operate more as a bank but with all the tax protections they get versus a bank. That is why they use 'banking' terms such as profit... the member/owners (other than A paper club members) are tolerated but not welcomed (we ain't official members of the 'club').
ReplyDelete