Succession planning

Chief Operations Officer Jerry Schmidt will take over at the Rapid City, S.D.-based institution in early January.

Fran Godfrey, who has spent more than 35 years at the Michigan-based institution, will step down at the end of January.

As she prepares to take over in February, Fraser says she is planning to invest in some of the bank's largest businesses, including its sprawling custody network and its burgeoning wealth management effort.

Joseph Lebel's promotion follows a third-quarter loss as the New Jersey company company looks to get ahead of credit issues by selling high-risk loans.

Richard Yeager's promotion comes at a time of growth for the New York-based institution, including having recently been granted a field-of-membership expansion.

Cameron Minges will become president of the Indianapolis-based credit union effective Jan. 1.

Carla Rasetta is stepping down after a decade at the helm of the Massachusetts-based institution.

Markland, the former CEO of Affinity Plus FCU in Minnesota, takes the helm 17 months after the New York-based institution entered conservatorship.

A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he’s in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.

Tina Sbrega, who has been a pioneer in areas including pot banking and credit unions buying banks, will stay on as chair of a subsidiary of the institution.