Core Competencies Hindering CEO Succession

Credit unions face a massive leadership transition as 40% of CEOs retire by 2030, yet only 54% of boards have succession plans in place, creating both challenges and opportunities for reimagining executive leadership.

 

  • Wave of retirements includes not just CEOs but also C-suite leaders and board members creating multi-level leadership turnover
  • Internal CEO candidates often lose to external ones because they haven’t proactively developed strategic leadership skills
  • Responsibility for succession planning falls on boards, current CEOs, and candidates—but ultimately aspiring CEOs must take ownership of their development
  • Today’s boards seek transformative leaders with clear vision rather than just operational excellence
  • Successful candidates demonstrate emotional intelligence, cross-enterprise experience, and strategic thinking
  • Assessments help quantify leadership potential while supporting successful onboarding
  • Boards should establish clear expectations with current CEOs about transition timelines
  • Aspiring CEO candidates should seek mentors, request rigorous feedback, and continuously learn
  • The best boards prepare themselves to work effectively with a new generation of credit union leaders
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