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A Direct Line Blog

It’s Time for Succession Planning

August 31, 2022 7:30 am

By Donya Parrish, MCU VP- Risk Management

The topic of succession planning continues to be an important one for credit union boards of directors. New stories continue of the “great resignation” and the burnout many workers are feeling after COVID. Couple that with the many senior staff and CEOs hitting retirement age, and it’s a perfect storm for the industry.

Yvonne Evers is Founder and CEO of Successionapp. We have mentioned her tools in the past and have Montana credit unions working with her. Her recent article discusses why this topic is getting to be urgent and why every credit union needs to be planning now.

In addition, we also held a webinar in April with Jim Kasch from Canidae Consulting discussing succession planning. You can share it with others at your credit union as a starting point for the conversation.

While NCUA continues to consider its proposed rule for required succession planning, now is a good time to have this topic on your agenda, for both your credit union’s leadership succession and your board seat succession. The future of your credit union depends on it!

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