RICHARDSON, Texas – Texans CU said yesterday its president and CEO David Addison is resigning amid recent legal turmoil and as the credit union is about to announce a $22 million losss for the fourth quarter and a $29 million loss for 2008–its first ever annual loss.
Addison served almost six years as head of the $1.7 billion credit union that was chartered in 1953 to serve employees of Texas Instruments.
Addison’s departure comes after the credit union has been on the losing end of two major lawsuits in recent months, including a $3..3 million verdict in a wrongful termination suit, and after it retreated from an ill-fated foray into member business loans.
The Texans board named one of its members, Mike Sauer, as interim CEO until a permanent successor to Addison is hired.
