Demographic changes are driving change in credit union leadership, the most significant of which comes in the cost of hiring a president/CEO. These days, the price of top talent often comes with a high price tag, according to executive recruiter Charles Shanley (pictured).
"There are still credit union boards out there that suffer sticker shock when it comes time to replace long-term CEOs who are retiring," Shanley, executive vice president for John M. Floyd & Associates in Baytown, Texas, said.
More of those boards will have to face the music in the coming years as the growing number of baby boomer retirees takes its toll on credit unions' veteran leadership. Salary and benefit trends are climbing upwards and top-quality candidates will be facing what, for them, is becoming a sellers' market.
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