CU QUICK FACTS
Truity Credit Union
HQ: Bartlesville, OK
Data as of 03.31.17
12-MO SHARE GROWTH: 1.7%
12-MO LOAN GROWTH: 9.0%
In 2018, Kelley Diven will begin his second decade as the chief executive officer of Truity Credit Union ($796.8M, Bartlesville, OK). The year also will mark the end of his employment with the cooperative.
“I will have been CEO for 20 years, and I’ve always said that’s long enough,” Diven says. “It’s a pretty long shelf life in this position.”
Although his planned departure is months away, it has raised questions for Truity’s board of directors regarding the credit union’s readiness to replace other C-suite positions.
“What happens if one of those people aren’t here tomorrow?” Diven asks. “Do we have a plan?”
In this Q&A, Diven talks about his impending retirement, C-suite succession planning, and the importance of routine discussion across the organization about filling leadership roles.
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Why did you choose 2018 to retire?
Kelly Diven: Twenty years with one leader is quite a long time, and the rate of change in our business is fast. Plus, I’ve got a lot of catching up to do on things my wife and I haven’t done since I’ve started working. I’m looking forward to doing some traveling and some other things.
Truity is now looking at its succession plan for the entire C-suite. Why?
Kelly Diven, CEO, Truity Credit Union
KD: We’ve always believed strongly in employee training and development. But my leaving prompted the board to question whether we have someone ready to fill our other C-suite positions, and if we don’t, what are we doing about it?
We are not a large financial institution — we have approximately 200 employees. It’s not easy to always have an employee ready to step into one of our seven senior-level positions. We must be prepared with a process to fill a vacant position quickly.
How did you identify what you’re looking for in a leader?
KD: The head of HR and training and our board rated a laundry list of attributes and skills. From there, we created a list of attributes we need hires to have, attributes that are desirable but not necessary, and attributes that people don’t think are important. We’ll use those to come to a consensus on what a new CEO or other C-suite employee should look like.
What are the attributes highly valued of the next CEO, specifically?
KD: The key ones the board identified are trust, integrity, transparency, and honesty. Behavioral traits are valued more highly than experience — though I would say our board does value financial experience.