The appointment of Xerox FCU CEO Bill Cheney as the successor to Dave Chatfield as president of the California/Nevada credit union leagues is expected to be a prelude to a major turnover on the NAFCU Board. Though Cheney has not notified NAFCU yet, his new job will likely require him to resign his seat on the board, as all NAFCU directors are required to be either CEOs or directors of NAFCU-member credit unions, and the California league is not likely to allow him to continue to be either.
In addition, Mike Vadala, chairman of the NAFCU board and CEO of The Summit FCU, is about to be term-limited off the board and will officially leave the panel at the group's annual conference in July. Joining him as an ex-member of the board will be Brian McDonnell, retired CEO of Navy FCU.
That will leave two remaining members of the so-called executive committee of senior Board members, John Milazzo, president of Campus FCU, in Baton Rouge, La., and Brad Beal, head of Nevada FCU. Either executive would make a good chairman, but the smart money is on Milazzo, a politically active, well-known and well-liked executive.
