OTTAWA, Ill. – The board of Financial Plus CU has appointed two associate directors as part of its succession planning.
The associate directors will sit in on board meetings, participate in board discussions and planning sessions, and undergo training under CUNA’s Volunteer Achievement Program. They will not have a vote, according to credit union President Jack Teausant, who knows something about succession, being the third generation of his family to run the 57-year-old credit union.
The associate director program was created to develop qualified directors when a seat on the board opens, said Teausant. “So often, in the old days, board would pick someone they were most comfortable with, rather than someone who is most qualified,” he told The Credit Union Journal yesterday.
The associate directors are selected by the credit union’s nominating committee, then generally serve as associates for two years before being nominated for election as full-fledged directors.
Teausant’s grandfather, Charles Munks, who was president of Local 19 of the Glass and Ceramics Union, helped found the credit union in 1951, pooling $5 of his savings with 34 other union members. Teausant’s mother, Marilyn Dudgon, helped run the credit union, then known as Glass Workers CU, for 38 years before Teausant became president and CEO in 1979. Teausant helped build it into a $150 million institution with 20,000 members. His sister, Sandy Teausant-Burkhart, is vice president of marketing and has worked as an executive with the credit union since 1978.
