Discovery: ‘Don’t Let MergerBe CU’s Succession Plan’

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LAS VEGAS - (06/26/06) – Few credit unions have awritten succession plan, and with 60% of CU CEOs and many seniormanagers scheduled to retire in the next 10 years: “there isgoing to be a lot of turnover,” assessed Joe Tripalindirector of executive benefits for CUNA Mutual Group. Tripalin wasjoined by Gene Mandarino, management training director forMiddleton, Wis.-based CU consultancy HRValue Group, during aneducational session at CUNA Mutual Group’s Discoveryconference here Friday. “A succession plan helps the creditunion maintain stability when it needs it most,” Tripalinsaid. “When a good CEO leaves, the credit union will want tostill provide service.” Mandarino detailed the differencesbetween planned successions and emergency successions, such as whenthe CEO is removed by the board.

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