... to your credit union.
Sometimes it helps to pause and foreshadow where we are heading with all this - don't want you to feel like you're wasting your time. Patience, there may be a "pot of gold' for you at the end of this saga...
In 2021 the SECU Board unilaterally launched a "new direction, new culture" [the "new/new"] at SECU, including an improbable CEO hire, plus goals of geographic/member eligibility expansion, commercial lending, and a strong for-profit focus. The SECU staff was the first to raise the alarm. As a result, the last three SECU annual meetings have been a pitched battle for definition and clarification of the future envisioned by the SECU Board for our credit union. Despite the furor, that vision remains unclear.
If you look beyond North Carolina, you will find that many of the larger credit unions are pursuing that same "new/new" culture and direction through merger and commercialization. The "new/new" may have become the "industry standard", with which our SECU Board seems so infatuated.
We want to keep exploring whether the SECU "new/new" is the best way forward for you as a member - perhaps it is! But if it is - through merger/commercialization, you as a member/shareholder should expect a substantial payout of your ownership interest. Remember that little $16,000 family of four figure from the last post [link]? SECU as a company is worth between $5 to $10 billion [yes that's right - "billions"]
Part of those billions of dollars belongs to you - so pay attention! Protect your interests.
Want a real life, happening right now example of how a "payout to members" works when a large credit union goes "new/new"? Here take a look [link].
... heck, just send me a check for Xmas! I can join another CU with better rates...
This helps explain why this board has fought so hard to stay in their roles. All this time I thought it was just for the glamour...... Or am I reading too far in to this?
ReplyDeleteWould be an excellent question for the SECU Board.
DeleteThe lack of clarity and transparency by the past Board hurt its credibility, The frequency of misinformation over the last last three years leaves much room for doubt.
But new Board, fresh start, now much more transparent, member focused? Lets hope so.
there's also prime property on wade ave that developers are drooling over ... big big $$$$$
ReplyDeletedarkness simply ceases to exist in the presence of light
ReplyDeletemay the light shine brightly where it is needed
Can we use this space to have an open forum about who the next CIO should be?
ReplyDeleteProbably not a good idea! Your recommendation on this blog of the best successor might prove to be the kiss of death for your favorite!
DeleteThink folks would be interested in the reason for the departure and how it affects the long promised, yet to be seen "digital future" at SECU?
Can't be great timing for the ongoing IT efforts.
"Can't be great timing for the ongoing IT efforts."
Deleteas mom always told me when I did stupid stuff, you made your bed now you can lie in it ...
I learned Critical thinking before you act is important ...
you don't just throw your long time, loyal and committed people to SECU under the bus!
What should the qualifications for SECU's CIO be? Previous experience as a CIO? Previous experience working at a large credit union? Proven success converting a core financial system?
DeleteSoooo…what is the (alleged) reason? Anyone?
DeleteThe reason why he is leaving? We all figure it's $$$$.
DeleteGood qualities in a CIO.
DeleteListening to many before making a decision.
Not mistreating coworkers. <-- this eliminates some of the new/new in the IT space.
Speaking of the new/new. I love my job helping my members. I've been a manager for almost 10 years. I am interested in the salary study being done that has taken a long time. There is a newer manager in our district that now makes more than I do. Longevity doesn't matter anymore. I love my SVP but don't think it is her fault either. I just wish there was something in place where those of us serving our members for years in our roles were compensated more than new ones.
ReplyDeleteIt is always up to your manager on what they pay you, how much they submit for a promotion and how much they are willing to fight for you. You can be assured they fought for themselves to get to where they are (and most likely had managers that went to bat for them).
Delete