VANCOUVER, Wash.-CIO Jim Morrell is an aspiring CEO. Morrell, CIO and SVP-support services at $443-million iQ CU here, said he believes that CIOs will be even more attractive CEO candidates once the economy recovers.
"The economy has significantly strained credit union income statements and net worth by high charge-offs and low loan demand," explained Morrell. "Many boards of directors want to re-energize their loan portfolios. This perceived need places CIOs in a role secondary to chief lending officers for this immediate purpose.
"Once the financial focus can be moved away from the bottom line to setting a comprehensive strategic direction, the benefits of a CIO becoming a CEO will be recognized at a more rapid rate," Morrell added.
That's because CIOs often have a lot of practice "aligning and coordinating strategic direction with innovative ideas," he said.
CIOs may have to battle some demons before rising to CEO status. "If a CIO is a technology expert, but lacks the credit union business knowledge, then this is a weakness that should be addressed," said Doug True, the FORUM CU CEO who was formerly CIO.
Specifically, "some CIOs could stand to understand the balance sheet and income statement better, as well as understand the key ratios that credit unions are measured by," explained Jackie Buchanan, Genisys CU CEO and formerly a CIO.
CIO David Thibodeau at Workers' CU said credit union CIOs often immigrate from other industries. Therefore, they may lack important connections to top executives in the credit union world.
