PLEASANTON, Calif.-The CEO of $3.8-billion Patelco Credit Union is "looking to make a professional transition" and decided the CU's recent success made this the right time to depart, according to a spokesperson.
Ken Burns, who has been at the helm at Patelco since May 1, 2009, announced his planned resignation on March 18. Alison Jones, VP of marketing, on March 19 told Credit Union Journal, "Ken was looking to make a professional transition, and now seemed like the ideal time based on his own personal reasons and also because of how well the credit union has been performing."
In 2008 Patelco reported a $40-million loss, followed by a $7-million loss in Q1 2009. After posting net income of $20 million in 2011, Patelco achieved its best performing year in the organization's history in 2012 with more than $55 million in net income. Its net income rose to 11% from 7.5%.
"It was a case where Ken was looking to make some changes professionally, looked at where Patelco was and where he had gotten us to, and felt it was the right time for him to pursue other opportunities," said Jones.
While Burns is not naming those other opportunities at the moment, Jones said Burns will remain at Patelco for approximately four months "to see the transition through."
Prior to taking over at Patelco, Burns was CEO at Technology CU in San Jose, Calif., which at the time had $1.3 billion in assets.
"During Ken's tenure, the credit union achieved its best performing year ever in 2012," Patelco Chairman Peter Hanelt said in a released statement. "We appreciate Ken's leadership and his ongoing assistance during this transition."
"I am very proud of what the credit union has accomplished during my time at Patelco," Burns said in a release. "I have worked alongside an extraordinary team that has always persevered to keep our members at the forefront of all our efforts."
Patelco's board has launched a search for a replacement.
