WASHINGTON—CEOs at credit unions are seeing pay raises of between 3.7% and 4.6% in 2014, depending on asset size, according to research released by CUNA.
Among the other findings in the 2014-2015 CUNA CEO Total Compensation Report and the 2014-2015 CUNA Senior Executive Total Compensation Report:
- CEOs in credit unions with assets of $100 million or more earn a median base salary (excluding incentives, bonuses, and perks) of $208,718. The figure increases with asset size – from just over $140,000 for CEOs in credit unions with assets of $100M to $200M, to more than $550,000 for those in credit unions with assets of $3B or more.
- Salary increases for 2015 are projected to range from 3.5% to 4.4%.
- Personal cell phones top the list of perks provided to CEOs, with three-in-four CUs of more than $100M in assets providing their CEO with a cell phone for personal use. Secondary perks, each provided to roughly 40% of credit union CEOs in this asset group, include professional association memberships, home PCs/laptops, and paid spouse travel (for meetings), according to CUNA.
- The median base salary among senior executives (EVP, COO, CIO, and CFO) in credit unions with assets of $100M or more falls between about $110,000 and $140,000, depending on the job position under consideration, with EVPs registering the highest median salary among the four job titles.
- For all four senior executive positions, the median base salary rises as asset size increases.
- Roughly half of people in each of the four senior executive positions received some sort of bonus by year-end 2014. CUNA’s survey defines bonuses as after-the-fact rewards for a job well done. Roughly a third of executives earned an incentive, defined as financial awards tied to pre-set criteria.
The two CUNA reports are now available in print, eBook and PDF formats at cuna.org/executivecompensation.