The $606 million Vermont State Employees Credit Union has begun to seek a new CEO to replace the retiring Steve Post.
The Board of Directors of the 50,400-member VSECU in Montpelier, Vt., intend to make the new CEO selection by the end of this year and then a brief transition period will occur in 2014, the credit union said Thursday.
Post has been in leadership of the state's largest state-chartered credit union for 23 years, joining VSECU in 1990 after serving as general manager of White River Credit Union in Rochester, Vt.
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During his years at VSECU, the credit union grew from $80 million to $600 million, expanded as a community-based credit union and now has seen branches. Post himself has actively worked with regulators and legislators over that time, including recently leading his credit union in a dispute with state banks over using the word "banking" in marketing.
"A lot has changed in 30 years in financial services. We're fortunate to live in a state where collaborative thinking and efforts of our members, volunteers, lawmakers and regulators have protected and enhanced the accessibility of cooperative financial services for all Vermonters," said Post.
"It's been a privilege to lead this organization. Now it's time for me to move on and transfer this solid foundation to the next generation of leadership. I know the future is bright for VSECU and I look forward to working with my successor and helping him or her through a smooth transition," Post said in the credit union's announcement.
The VSECU board has hired Cope & Associate in Burlington, Vt., to help Post and the senior executive team with a succession plan, and now will begin identifying and recruiting candidates for the job.
"Over the years Steve has demonstrated a strong commitment to the ideals of credit unions. His leadership, vision and commitment to the members of VSECU have been extraordinary and unwavering," said M. Jerome Diamond, chair of the VSECU board of directors.
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