DALLAS – Texans CU, struggling with large losses, announced yesterday that Michael Sauer, who has been serving as interim CEO since January’s departure of David Addison, has been hired as permanent president and CEO of the $1.7 billion credit union.
Sauer, worked as an executive for Texas Instruments, the credit union’s main sponsor, from 1981 to 1991, and most recently as an executive for Symtx, manufacturer of functional test solutions, and Solectron, an electronics manufacturer. He has been on the Texans board since 1991, serving as chairman from 2002 to 2006.
Addison’s six-year term as head of Texans came to an end after the 55-year-old credit union announced a $36.1 million loss for 2008, amid negative decisions in two lawsuits, including a $3.3- million verdict in a wrongful termination claim.
Texans was chartered in 1953 to serve employees of Texas Instruments and since then has expanded to serve more than 500 select groups.
