Pillar+Aught Co-Founder and Principal Ken Rollins was quoted at length in a June 4, 2018 article published by S&P Global and titled “Lack of CEO-in-waiting a major issue for many CUs, industry attorney says.”
Ken presented on the topic of CEO succession planning at the Pennsylvania Credit Union Association’s 2018 annual convention on May 21st at Nemacolin Woodlands Resort.
Among his key takeaways were:
- approximately 1/3 of credit union’s do not currently have a succession plan;
- the lack of a successor to the CEO position is a key driver in the decision to sell or merge a business, including a financial institution;
- the development of a succession plan is a primary responsibility of the Board;
- failure to plan can be attributed (at least in part) to the discomfort associated with planning for the incumbent’s departure;
- a succession plan should consider both emergency and expected departures;
- in-house talent should be identified and developed early in the process; and
- external resources should be identified and considered.
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