SAN DIMAS, Calif. – Credit union executives are angry at the payout of Bob Siravo, the former CEO of WesCorp FCU, who received a $6 million payout after he was fired when NCUA took the $34 billion corporate under conservatorship.
Siravo’s pay was called for under his contract and included $2 million owed him by Travis CU when he moved to WesCorp that was not portable, and $4 million retirement benefits he earned before his retirement, scheduled for 2008, before the NCUA takeover, according to sources familiar with Siravo’s compensation package.
Francis Lee, the CEO of the one-time $52 billion U.S. Central FCU, was not as lucky and had his entire retirement package repudiated by NCUA under the agency’s extraordinary conservatorship powers, the source said.
Siravo was one of the five highest-paid executives in credit unions and earned an annual salary of about $660,000.
Lee was also among the highest-paid credit union executives, earning about $560,000 a year.
