ALBUQUERQUE, N.M.–Sandia Laboratory Federal Credit Union has named a new president and CEO, while Kinecta FCU’s Teresa Freeborn has announced a new career.
The $3.5-billion SLFCU said it has selected Stephanie Sherrodd to lead the organization effective Jan. 2, 2022. Sherrodd will succeed Robert Chavez, who is retiring.
Sherrod is joining Sandia Laboratory FCU from the $4.5-billion Texas Dow Employees Credit Union in Lake Jackson, Texas, where she had been CEO for 12 years. In total, Sherrodd has more than 24 years of industry experience, the credit union said.
“The SLFCU board selected Stephanie for her extensive experience in operations, developing great customer experiences across diverse channels, her utilization of digital strategy and transformation and her track record of acquiring and developing high-performing talent,” said Chairman Chalres Maheras in a statement.
Sandia Laboratory FCU has more than 132,000 members.
Freeborn to Lead Clothing Company
Separately, in Manhattan Beach, Calif., Teresa Freeborn, president of Kinecta FCU, said she will be leaving her job Dec. 31 in order to dedicate more of her time to serving as chair of Smash+Tess, a clothing company she founded in 2014 with daughter Ashley Freeborn.
"Up until now, my role has been largely silent as a some-time advisor and full-time proud mom," said Freeborn in a statement. "I really couldn't be prouder as the company has led a 'romper revolution' and continues to be on a steady success trajectory year over year. Now, I am looking forward to taking on a more active role in helping to grow the company and take it to the next level."
Freeborn said she is also working on a book that aims to draw insights from her four-decade career.
“Over the years, many colleagues and friends have asked me to consider writing a book to share my insights, but there was never enough time," she said. "I'm excited now to hav
e a concept that I think is going to be very helpful for other women who aspire to leadership, and for the credit union movement I love so much."
Freeborn had served as president/CEO of Xceed Financial Credit Union before a merger earlier this year with Kinecta FCU, which created a $6-billion institution. According to documents filed with NCUA that are required by the agency related to mergers, the merger agreement called for Freeborn to be employed as Kinecta’s president for three years after the merger date with a projected total increase in compensation over the three years of $71,403 (gross) ($35,702) after taxes at an assumed 50% tax rate), which is “commensurate for an institution of Kinecta’s size and sophistication.
“If Kinecta terminates Ms. Freeborn’s employment during the three-year term or if Ms. Freeborn terminates employment for ‘good reason,’ Ms. Freeborn will be eligible to receive a prorated severance in a maximum potential amount of $1,500,000 (gross) ($750,000 after taxes at an assumed 50% tax rate),” the disclosure forms stated.
Freeborn said she will continue her participation in industry initiatives, including CUNA's Awareness program, and with the World Council of Credit Unions' Global Women's Leadership Network, and CU For Kids fundraising initiatives.