CUES Survey: Total Median Executive Compensation Increases 14.9%
The average total compensation, which includes base salary and bonuses, for credit union CEOs was $515,602.
While many American workers have been getting record pay raises as high as 4.8% on average or higher, it hasn’t been enough to stay ahead of today’s 9.1% inflation rate.
But that hasn’t been a problem for credit union executives.
According to the CUES compensation survey released last week, the total median executive compensation in 2022 soared by up to 14.9%.
For credit union CEOs, the average total compensation, which included base salary and bonuses, was $515,602, while the median was $451,227. The most common length of a CEO contract is three years and the top four factors that contributed to CEO bonuses were earnings, board evaluation, and loan and membership growth.
An executive summary of the CUES compensation survey noted more than 23% of CEO positions were held by women, while 93% of CEOs were white, 2.2% were Black or African American, 2.2% were Hispanic and 2.5% were Asian.
Among other executive positions, the average total compensation for the CFO was $264,065 and a median of $246,656; chief lending officer, $219,968, median, $208,603; COO, $297,319, median, $250,960; EVP, $278,016, median, $242,903; e-commerce executive, $194,919, median, $192,928; human resources executive, $197,738, median, $192,069; marketing executive $182,201, median, $176,051; retail branch executive, $195,853, median, $193,868; and senior CUSO executive, $271,256, median, $211,545.
Among all credit union executives, the race/ethnicity breakdowns were: 86% white, 6.2% Hispanic, 3.5% Black or African American and 2.5% Asian.
The CUES Executive Compensation Survey and the CUES Employee Salary Survey are based on data from credit unions who participated in the surveys from January to March.
The employee salary survey covers non-executive positions such as accountant, branch manager, business development specialist, controller, member service representative and administrative assistant.
From across the nation, a total of 254 credit unions participated in the executive compensation survey and a total of 161 credit unions participated in the employee salary survey. The surveys included credit unions that manage assets of less than $100 million to more than $5 billion.