Dean Michaels Replaces Todd Clark as Co-op Solutions CEO

Co-op Solutions in Rancho Cucamonga, Calif., has a new leader. The company announced Monday that Todd Clark, who has served as president/CEO for the past seven years, has departed Co-op and that Co-op Chief Strategy Officer Dean Michaels has been named president/CEO effective immediately.

In a statement addressing the reason for Clark’s departure and what’s next for him, Co-op spokesperson Bill Prichard said, “Co-op is not providing any specific information about why Todd left the company. We can tell you Todd did not do anything wrong, so you can dispel any rumors that you might hear to that effect. He will be missed and the entire executive management team and the board of directors thank him and wish him well in his future endeavors.”

Prichard continued, “We can also tell you that this change in leadership will not change Co-op’s day-to-day business of delivering exceptional products and services to our credit union clients. The company’s goals remain the same, with a focus for 2023 on continued organizational efficiencies to improve both employee and client experience, and improve the speed and quality of product delivery.”

In its announcement, Co-op emphasized that under Clark’s leadership, Co-op’s annual revenues grew from $276 million in the year prior to his arrival to more than $527 million in 2022, and that from 2016 through 2022, the company delivered more than 150 new products or enhancements to help drive member engagement.

Clark joined Co-op in 2016 after 22 years with First Data Corporation (now Fiserv). At that time, the financial technology services company was still known as CO-OP Financial Services, prior to its 2022 rebranding.

“Todd has been a strong leader for Co-op since June 2016, having guided the company to realize its vision of transforming into a strategic growth partner and provider of financial technology services and solutions for credit unions,” Co-op Chairperson of the Board Joan Opp, who is president/CEO of Stanford Federal Credit Union ($4.1 billion, Palo Alto, Calif.), stated. “Todd’s vision, strategic thinking and leadership have been instrumental in Co-op’s growth and success and will be felt throughout the credit union industry for years to come.”

Michaels joined Co-op in November 2017 as head of corporate development and strategic relationships and was appointed chief strategy officer in September 2018. Like Clark, he brought a background at First Data to Co-op, having served in leadership roles there including general manager of STAR Network and finance leader for First Data’s U.S. Merchant Acquiring Business. Michaels also served at JP Morgan Chase, where he was responsible for evaluating and improving the effectiveness of consumer banking cross-sales campaigns, including profit and loss responsibility for JP Morgan Chase’s branch and call center cross-sales programs.

“I thank Todd for his past leadership, and welcome Dean Michaels as our new CEO,” said Greg Mitchell, a Co-op board member and president/CEO of the $16.9 billion, San Jose, Calif.-based First Tech Federal Credit Union. “I am confident Dean, along with Co-op’s more than 1,800 team members, will carry forward the key initiatives of the company on behalf of its credit unions and their members. Co-op will continue its vital role as a leading provider of digital payments technology to the movement. Dean has a deep understanding of Co-op’s core values and strategic goals, making for a seamless transition. We are delighted to be able to fill the position with such an outstanding internal choice, reflective of the strength of Co-op’s executive management team.”

In regard to his new role, Michaels commented, “Co-op has continued to make transformative investments in its products, infrastructure and organization to ensure the long-term success of the company, its clients and their members. At the same time, Co-op has maintained a strong balance sheet to sustain our role as the integrated payments partner for credit unions. The company is truly energized by our momentum today and I am honored to lead the Co-op team, which is dedicated to the success of our clients and the credit union movement as a whole.”