Besides not renewing the contract of its interim president,Sperry Associates Federal Credit Union said it has made severalmore moves to get the cooperative back on track.
|The $345 million CU in Garden City Park, N.Y., most recentlyeliminated its director of corporate development, businessdevelopment manager and branch manager positions, said JamesDuffett, interim co-president.Effective Sept. 15, Sperry's board decided not to renew thecontract of its interim president and a human resources consultant.He stressed that the job cuts were part of a "restructure [that]was done to address changing priorities, and not an indication ofthe performance of the people impacted."
|"We have eliminated several positions as part of our agreementwith the NCUA to streamline operational costs, and eliminate excessspending, while focusing on capital restoration," Duffett said.
|On May 28, the NCUA entered into a letter of understanding and agreement with Sperry.
|Duffett said Sperry's priorities are to successfully implementits net worth restoration plan, reduce operating expenses, andimprove and deepen member relationships. The CU has created a newposition, member service manager, to aid with service efforts.Marketing will continue to be a key area for Sperry goingforward.
|"The reduced budget will mean that we have to make the most ofelectronic marketing opportunities, which is a strength of ours. Ibelieve that we are one of the few credit unions that employs adedicated electronic marketing specialist," Duffett said.
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