Survey: For CEOs, It Pays To Get It In Writing

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It pays for credit union CEOs to get it in writing, according to a new survey by CUNA.

CUNA said its first-ever E-Scan 2003-2004 CEO Total Compensation Survey has found that CEOs with written employment contracts or agreements enjoy higher base salaries and bonus awards. However, the survey also found that less than half of the CEOs of large credit unions have negotiated the contracts or agreements.

"With 30% of large credit union CEOs planning to retire in the next five years, an employment contract can benefit both parties," said Vicki Joyal, vice president of research services for CUNA. "In addition to providing the CEO with assurances of salary, performance goals and rewards, benefits, perquisites, and severance pay, a contract can definitely help a credit union to retain a first-class leader."

The survey is aimed at credit unions of more than $100 million in assets.

Credit Union Journal reports

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