BYNUM, Ala. The board of AOD FCU here has voted not to continue the contract of CEO Richard Simonton, less than a year after hiring him to the position.
The Anniston Star reported that Simonton’s employment will terminate effective Oct. 31. Simonton was hired to replace the retiring Kenneth Reynolds in 2012.
Simonton told the newspaper he has worked hard since coming to AOD to improve the CU’s bottom line following three years of negative growth that have since turned positive over the past few months. In July, AOD was up $2.6 million in loan revenue and should be up 15% in revenue by the end of the year if the growth trend continues, Simonton was quoted as saying.
Simonton, who has 14 children, has left his family behind in Florida while he worked without a contract. He has worked in credit unions for 30 years including as CEO of Insight Credit Union.
