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CEOs With Employment Contracts Earn More

MADISON, Wis. - A recent CUNA E-Scan's 2003-2004 CEO Total Compensation Survey finds that it pays for CEOs of large credit unions to have written employment contracts or agreements. According to the survey CEOs with such contracts earn higher base salaries and bonus awards. "With 30% of large credit union...

By Staff Writer | Updated on December 16, 2003

MADISON, Wis. – A recent CUNA E-Scan’s 2003-2004 CEO Total Compensation Survey finds that it pays for CEOs of large credit unions to have written employment contracts or agreements. According to the survey CEOs with such contracts earn higher base salaries and bonus awards. “With 30% of large credit union CEOs planning to retire in the next five years, an employment contract can benefit both parties,” said Vicki Joyal, vice president of research services for CUNA. “In addition to providing the CEO with assurances of salary, performance goals and rewards, benefits, perquisites, and severance pay, a contract can definitely help a credit union to retain a first-class leader.” The survey also finds that less than half of the CEOs of large credit unions have negotiated contracts. Designed exclusively for credit unions with $100M+ in assets, the report also includes estimated values of the CEO total compensation package comprised of cash compensation, the cost of benefits and perquisites provided by the credit union, and the average annual value of car and car allowances received. For more information or to order E-Scan’s 2003-2004 CEO Total Compensation Survey, call CUNA Member Service at (800) 356-8010.

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