Stan Hollen, president/CEO of CO-OP Financial Services in Rancho Cucamonga, Calif., will retire in May, the CUSO's board of directors said Tuesday.
“Stan is one of the true giants of the credit union movement, and under his leadership CO-OP Financial Services has grown to service more than half of all credit unions in the United States,” Doug Ferraro, CO-OP's board chair and president/CEO of the $3.4 billion Bellco Credit Union of Greenwood Village, Colo., said. “We are making his retirement plans known to the industry five months in advance in order to ensure a smooth CEO recruitment process and transition.”
Some of Hollen's most recent accomplishments include uniting the management and branding of the industry's shared branching network that now accounts for more than 5,400 locations, building up the CO-OP's ATMs network to 30,000, adding a member-facing telephone and online lending and member service call center and expanding CO-OP business lines to include emerging mobile-virtual payment services.
Hollen's official retirement date is set for May 31. It will follow the CUSO's 2016 annual meeting of shareholders from May 3 to 6 during the CO-OP-sponsored THINK 16 Conference in Coronado, Calif.
“I have had a wonderful career in the world's greatest field of financial service – the credit union movement,” Hollen, who joined CO-OP in June 2005, said. “During the next five months, I will be working closely with the board, our executive management team and business partners to make sure we continue to meet and exceed the expectations of our 3,500 clients and 1,200 shareholding institutions.”
His 11 years with CO-OP caps a career in the industry that spanned more than 45 years, as he joined the board of his local credit union when he was 19 years old.
Prior to joining CO-OP, Hollen served as vice president for the $5.1 billion CEFCU in Peoria, Ill.; president/CEO of Liberty Enterprises, Inc. in Mounds View, Minn.; and president/CEO for the $9.5 billion The Golden 1 Credit Union in Sacramento, Calif.
Ferraro said he anticipates the CO-OP board will have selected a successor by May.
The executive search firm Korn Ferry was retained to conduct recruitment.
“Our goal is to identify candidates whose experience and skills are aligned closely with our strategic objectives heading into 2016, maximizing continuity, growth and outstanding client service,” Ferraro said.
He noted CO-OP continues to show strong growth with total assets up by 18%. Shareholders' equity increased by 21% while comprehensive income leaped 113% for the first three quarters of 2015, compared to last year.
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