Long-Time Executive Exits Kinecta FCU to Work at Business Co-Founded With Daughter
Teresa Freeborn also plans to author a book to help women who aspire to serve as leaders.
Kinecta Federal Credit Union President Teresa Freeborn said Monday she is leaving her post on Dec. 31 to work at a clothing company she founded with her daughter and to write a book to help women who aspire to serve as leaders.
Freeborn was president/CEO of Xceed Financial Credit Union in El Segundo, Calif., when it was merged into Kinecta in Manhattan Beach, Calif., last spring.
Freeborn is eligible to receive a prorated severance maximum potential amount of $1.5 million or $750,000 after taxes assuming a 50% tax rate, according to financial arrangements posted in Xceed Financial’s merger proposal.
Freeborn served as Xceed Financial’s CEO for more than 15 years. Before taking the top post, she worked as the credit union’s SVP of marketing and communications for six years.
Earlier this year, the World Council of Credit Unions named Freeborn chair of the Global Women’s Leadership Network. GWLN’s mission is to provide women with opportunities to make a measurable difference in their lives, their credit unions and their communities.
In addition to GWLN, Freeborn said she will continue to participate in industry initiatives such as CUNA’s Awareness program to increase consumer consideration to join their local credit unions and CUs For Kids fundraising initiatives.
“Up until now, my role has been largely silent as a some-time advisor and full-time proud mom,” Freeborn said of the apparel business, Smash+Tess, which she opened with her daughter, Ashley Freeborn, in 2014.
Freeborn said she will serve as the board chair of the online business, which specializes in rompers for women, men, children and pets.
“I really couldn’t be prouder as the company has led a ‘romper revolution’ and continues to be on a steady success trajectory year over year,” she said. “Now, I am looking forward to taking on a more active role in helping to grow the company and take it to the next level.”
During this new chapter of Freeborn’s career, she is also working on a book that aims to draw insights from her four-decade career.
“Over the years, many colleagues and friends have asked me to consider writing a book to share my insights, but there was never enough time,” she said. “I’m excited now to have a concept that I think is going to be very helpful for other women who aspire to leadership, and for the credit union movement I love so much.”
Kinecta President/CEO Keith Sultemeier thanked Freeborn for her service and tireless efforts to ensure a successful integration and system conversion after the merger became official on April 1.
“Kinecta is stronger now than it was before the Xceed merger and well-diversified geographically,” Sultemeier said. “Teresa was a fantastic partner throughout the process and a fierce advocate for the well-being of all our members.”
As the ninth largest credit union in California managing $6.5 billion in assets, Kinecta’s 861 employees operate 32 branches, specialty offices and call centers that serve nearly 270,000 members.