Call Ed Speed, CEO of $1.8 billion Texas Dow Employees Credit Union in Lake Jackson, Texas, a maverick. That is a reputation he has won as he has pulled his institution out of credit union industry mainstays such as CUNA and the Texas league. Now, he is charging into a recalibrating of the delicate CEO-board of directors balance and, in the process, he is fueling debates throughout the industry.
The trigger for the kerfuffle is that, at 63 and nearing his retirement, Speed has been elected to the TDECU board. And he has also announced, and the board has consented, his intention to stay on the board after he has filed his retirement papers. "I hope to serve about five years after I retire," said Speed in a Credit Union Times interview. He also said he will retire in 18 months to two years from now.
Experts have not been shy about voicing their opinions on these actions, both pro and con.
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