CEO Advisory Group Explores Succession Planning And Mergers in Latest White Paper
LAKE TAPPS, Wash. (PRWEB) July 27, 2023 -- CEO Advisory Group explores the hot topic of succession planning in its latest white paper, including a discussion of when and why a merger may be a viable solution for credit unions looking to secure their long-term future.
Entitled “Succession Planning with an Eye Toward Mergers as an Option,” the white paper highlights the importance of finding and developing leaders who have the capacity for building a thriving credit union in the midst of an ever-increasing competitive landscape and increasing complexity of operations. Written by CEO Advisory Group President/CEO Glenn Christensen, the document compiles the perspectives of key leaders within the credit union community—among them current and former credit union CEOs, a recruiter, an attorney, and several industry consultants.
The white paper is particularly timely considering the National Credit Union Association’s proposed rule that would require federal credit unions to establish a formalized succession planning process for filling key management and board positions. Even without a regulation formally in place, experts in the credit union space agree that there is a growing urgency to prioritize succession planning. Rising CEO retirements and a tightening workforce have heightened the competition for top talent, highlighting the need to put succession planning on the front burner.
“The succession planning process compels organizations to consider not only what their current leadership needs are but also what those needs will be in the future,” writes Christensen in the white paper. “This is a major challenge for credit union boards, since the environment in which their CEO will be operating in 10 to 15 years will be substantially different than it is today.”
The white paper observes how a lack of CEO successors has created the need for many credit unions to consider a merger. “Smaller-sized credit unions, and even some mid-sized institutions, may find they can’t compete in an era of rising executive compensation and consequently will solve their succession issue by seeking out an appropriate merger partner,” Christensen explains. “Larger credit unions, meanwhile, may discover that mergers are a way to bring more talent into their organization as a pipeline for future leadership roles that include CEOs as well as other C-suite positions.”
As credit unions undertake the succession planning process, Christensen advises that they keep an open mind about alternatives. Fortunately, the industry collectively has great resources for ensuring its future success.
“Credit unions have enjoyed tremendous success and built a pool of great talent,” Christensen concludes. “While the challenges in the credit union industry are many, so, too, are the skills, talents, and drive of the people who lead it.”
“Succession Planning with an Eye Toward Mergers as an Option” is available free of charge on the CEO Advisory Group website. Click this link to download the white paper today.
Glenn Christensen, CEO Advisory Group, http://ceoadvisory.com, 1 2062195395, [email protected]
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