MADISON, Wis. — Executive compensation increases at credit unions has dropped in 2009 compared with recent years, according to a new survey from the Credit Union Executives Society (CUES).
CUES said its Executive Compensation Survey, which is administered by enetrix, Middleton, Wis., found that the median base salary for credit union CEOs increased only 5.37% in 2009, as opposed to 7.11% in 2008 and 8.02% in 2007. The median total CEO compensation increases have also seen a significant decrease over the past three years-from 8.81% in 2007, to 7.38% in 2008, to 4.87% in 2009, CUES said.
The survey, composed of 608 respondents-85% of whom participated in 2008, reported that other credit union executives have also received salary increases this year, but again, these were lower than in previous years, CUES said. Rates of increase for total compensation ranged from 4.16% for business lending executives to 9.33% for business development executives.
