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MEMPHIS, Tenn. – Memphis Area Teachers CU said yesterday it has eliminated five of its top management positions after a $10 million loss last year and last month’s departure of its CEO.
The $550 million credit union eliminated its vice president of lending, vice president of community affairs, vice president of Credit Union Service Organization, vice president of liabilities and its chief financial officer. The dismissals late last month followed the resignation in April of CEO Carlos Webb.
A national search for a new CEO will start after the credit union finishes a restructuring that could mean even more cuts.
