RANCHO CUCAMONGA, Calif.–Co-op Solutions has named a new president and CEO following the departure of Todd Clark.
Dean Michaels, formerly chief strategy officer, has been named to lead the organization effective immediately. No reason was provided by Co-op for Clark’s exit.
Clark led Co-op Solutions for seven years, during which the CUSO’s annual revenues grew to more than $527-million in 2022 from $276 million in the year prior to his arrival. From 2016 through 2022, Co-op said it delivered more than 150 new products or enhancements to help drive member engagement.
Co-op said it currently processes more than eight billion digital payments transactions annually, has more than 1,800 employees and is in “robust financial health, as the company has funded its transformative investments to-date without any debt outstanding at year-end.”
“Todd has been a strong leader for Co-op since June 2016, having guided the company to realize its vision of transforming into a strategic growth partner and provider of financial technology services and solutions for credit unions,” said Co-op Chair Joan Opp, who is president/CEO of Stanford FCU. “Todd’s vision, strategic thinking and leadership have been instrumental in Co-op’s growth and success and will be felt throughout the credit union industry for years to come.”
With Company For 5 Years
Michaels was appointed chief strategy officer in September 2018 after joining Co-op as head of corporate development and strategic relationships in November 2017. Prior to Co-op, Michaels held leadership roles at First Data Corp. (now Fiserv), including general manager of STAR Network as well as finance leader for First Data’s U.S. Merchant Acquiring Business. Michaels has also worked for JP Morgan Chase.
While with the nation’s largest bank “he was responsible for evaluating and improving the effectiveness of consumer banking cross-sales campaigns, including profit and loss responsibility for JP Morgan Chase’s branch and call center cross-sales programs,” Co-op said.
‘Truly Energized’
“Co-op has continued to make transformative investments in its products, infrastructure and organization to ensure the long-term success of the company, its clients and their members,” said Michaels. “At the same time, Co-op has maintained a strong balance sheet to sustain our role as the integrated payments partner for credit unions. The company is truly energized by our momentum today and I am honored to lead the Co-op team, which is dedicated to the success of our clients and the credit union movement as a whole.”
‘Vital Role’ to Continue
Added Greg Mitchell, a Co-op board member and president/CEO of First Tech FCU, “I thank Todd for his past leadership, and welcome Dean Michaels as our new CEO. I am confident Dean, along with Co-op’s more than 1,800 team members, will carry forward the key initiatives of the company on behalf of its credit unions and their members. Co-op will continue its vital role as a leading provider of digital payments technology to the movement. Dean has a deep understanding of Co-op’s core values and strategic goals, making for a seamless transition. We are delighted to be able to fill the position with such an outstanding internal choice, reflective of the strength of Co-op’s executive management team.”