RALEIGH, N.C.–Michael J. Lord, CEO of State Employees Credit Union, the second-largest CU in the world, has announced he will retire effective Aug. 31 with plans to remain in his current role through the transition period to his successor.
The $47.3-billion credit union’s board said it has launched nationwide search using Russell Reynolds Associates as part of its long-term succession plan.
Lord joined SECU in 1975 and during his career held many leadership roles and helped “the organization navigate numerous changes impacting the credit union and financial services industries,” SECU said. Prior to being named president and CEO in 2016, Lord served as chief financial officer for more than 30 years.
“Mike has been an integral part of the SECU leadership and family for nearly five decades. He has shared a wealth of knowledge and made many contributions over his tenure, which have helped us anticipate and better meet the needs of our members. We are extremely grateful to Mike for his leadership and commitment, particularly throughout the COVID-19 pandemic, and wish him the best in his much-deserved retirement,” said SECU Chairman Bob Brinson. “The board of directors’ CEO succession plan has us well positioned to find the right candidate who will understand and value the SECU culture of member-service and smoothly guide us through this transition and into the future. We look forward to the next chapter in the long history of SECU growth and success.”
Lord succeeded the high-profile Jim Blaine as CEO.
SECU said it expects to have the new CEO in place at the time of Lord’s retirement.
More Than 7,000 Employees
SECU, which has more than 2.5 million members and 7,200 employees, also has 3,200 Advisory Board and Member Loan Review Committee volunteers.
The credit union has four wholly owned subsidiaries including a life insurance company, property management company, registered investment advisor and its broker-dealer subsidiary. Additionally, its SECU Foundation, funded by SECU members, operates to address community needs in the areas of housing, education, healthcare and human services and has contributed more than $200 million to a variety of projects.