Succession planning

Firm will pay $700 million to settle issues stemming from data breach; don’t expect JPM CFO Jennifer Piepszak, or anyone else, to be named heir apparent.

A hot job market and the ongoing wave of CEO retirements mean credit unions need to be thinking well beyond the corner office when considering recruitment and retention.

Bruce Adams, who previously served as general counsel to Connecticut Lt. Gov. Nancy Wyman, will join the Credit Union League of Connecticut next month.

Christopher Myers will retire as president and chief executive of CVB next spring, and the California bank says it will hire a search firm to begin seeking his replacement.

David Cerwinski, who joined the CUSO in 2006, was appointed president of the technology provider.

The interim CEO told analysts Tuesday that the company remains committed to hiring an outsider who isn't connected to its scandals of recent years.

Other executives are being considered, too, but the list is dwindling as JPMorgan’s Gordon Smith and other big names are said to be out of the running. Meanwhile, senior Wells executives have pushed to keep interim CEO Allen Parker.

Jim Lumpkin, president and CEO of the Portland, Ore.-based institution, is planning to retire in the first quarter of 2020.

Charles Friederichs, already serving in an interim capacity, has been appointed permanent CEO of the $1.1 billion-asset institution.

Cynde Jones, who served as an executive vice president for more than a decade, has taken over following longtime CEO Chuck Rutan's retirement.