Executive Pay Rises at CUs Faster Than Inflation

MADISON, Wis.– The average base salary for credit union CEOs rose 8% over the past year, almost twice the rate of inflation, according the CU Executive Society’s annual survey of more than 900 credit unions. The CUES Executive Compensation Survey found similar pay increases for other credit union executive. The study found that among executive vice presidents, chief operating officers, chief financial officers, chief lending officers, branch executives and CUSO executives the average salary rose 7.7%. Eighty percent of the CEOs reported receiving bonus or incentive payments, with the bonuses averaging less than 14% of base salary. The primary drivers for those bonuses were credit union earnings and board evaluations. The study further found that more than 80% of the participating CEOs have spent over 15 years working for credit unions, and almost 50% have been in their current position for more than 10 years.