The CUES Podcast Episode 49 show notes
“The biggest responsibility (of the board) is to oversee and ensure ongoing successful leadership of the institution,” said Chris Jones during Episode 49 of the CUES Podcast.
Jones is an executive benefits consultant at CUES Supplier member O.M. Financial Group, Syosset, N.Y.; he shared valuable insights into the role of the credit union board during our discussion.
“When you have successful leadership, do everything you can to support them,” he said. “If your leadership is less than successful, move them to be successful or find the future successful leadership.”
Times of transition are especially risky, and boards need to manage a leadership transition.
Think of a relay race, he said. “It is won and lost almost all the time in the hand off of the baton. The biggest challenge is that handoff.”
When you transition to new leadership, a board could be tempted to take the trust that the previous CEO built and earned and automatically grant it to the new CEO. But, “the new CEO needs to earn their own trust,” he said, even in the case of an internal successor.
Why is this so important? If they have successful leadership, the board can spend the bulk of its time on strategy and where the CU is going in the future.
“If you have successful leaders, you do everything you need to keep them,” he said.
Some highlights from my interview with Chris include:
a) an examination on roles of the board;
b) the cost of poor leadership;
c) current executive benefit trends; and
d) an example of what it looks like when “things go right” and an example of what it looks like “when things go wrong” in terms of leadership transition.
The CUES Podcast is an audio program hosted by James Lenz, CUES professional development manager. James talks to credit union and cross-industry experts for their perspectives on trends and topics that matter to you.