The Credit Union League of Connecticut is creating a management program to help credit unions develop a new generation of CEOs.
Discussions about the yet-to-be-named management program began soon after Jill Nowacki took over as the league's president/CEO in December 2013. Making it her goal to meet with Connecticut's 114 cooperatives, she visited with more than 70 of them and plans to catch up with the rest over the next few months.
"Something that came out of those conversations is the concern about succession planning for CEOs," Nowacki said. "So often with credit unions, when a long-time CEO is ready to retire, they either don't have the in-house talent ready to go or the board hasn't searched for a new CEO in decades and is not really sure how to go about searching for that right talent."
The need for new CEOs is clear. A CUNA 2011-2012 CEO Total Compensation Survey reported 21% of credit union CEOs will retire over the next five years.
"What I'm hearing from credit unions is that they want a pipeline of leaders who have a good understanding of what it takes to be a CEO and will be prepared to make that decision if it's the career path they want to pursue," Nowacki explained. "Credit unions from all asset sizes have said they can identify at least one person who could benefit from this type of program."
The management program under development is expected to roll out in the fall of 2015. To create the core curriculum, Nowacki is working with Philip Lane, an associate professor of economics at Fairfield University in Fairfield, Conn., league board members and other credit union executives from around the state.
The program's main objective will provide potential CEO prospects with a well-rounded education in the entire operations of a credit union, including financial management, leadership, public speaking and the opportunity to build a close professional network with other colleague cohorts, according to the league.
Nowacki said she is looking to structure the two-year management program during the traditional academic year. Classes would be held once a month over nine months. Pricing has not yet been determined.
She is also hoping the CEO training initiative will prepare some executives who want to complete CUNA's management school and give them knowledge and skills to move up to the corner office.
Nowacki said the program would include simulation lessons to allow executives to compare critical decisions and learn from their outcomes.
Nowacki said she wants to establish a strong network for executives after they have successfully completed the course work.
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