LENEXA, Kan. – NCUA this afternoon decided to replace James Nance, the former U.S. Central FCU executive brought in to run the one-time $52 billion corporate credit union under conservatorship, and replace him with Francois Henriquez, the corporate’s long-time general counsel.
Today’s action was taken due to divergent views about how to move US Central forward, NCUA said in a statement.
Nance served as vice president for asset liability management for U.S. Central from 1993 to 1996. Most recently, he was chief administrative officer at Icap Capital Markets Llc in New Jersey, before he was brought in to run the troubled corporate when NCUA took it over on March 20.
U.S. Central reported losses of $4.9 billion in 2008, and $989 million for the first six months of 2009.
Henriquez will assume the role of Interim CEO, and a search committee will begin a process to find a successor.
