I am employed with a credit union whose management sector, with exception of it's president, is comprised of high school graduates, some whose extended education is limited to a few real estate-related classes.
The new president, whose appointment began on 1/01/07, immediately appointed 4 assistant vice presidents despite the fact we are a medium-sized institution. In the months which followed his appointment he terminated several people, almost all of who either made suggestions to improve how we do business or who questioned some of his directives. One of his first casualties was demoting our former, well-season Marketing Director to the position of marketing coordinator and though he attempted to reduce her salary, he failed to do so due to the intercession of some members of the Board of Directors. He later removed the director from her exempt status, forcing her to clock-in and placed her immediately under the supervision of the former Director of Lending, who made no secret over the years of his contempt for her.
The Director of Marketing was terminated in July 2007, and repled by a Marketing Committee. The Committe is comprised of the former Director of Lending, now the Assistant Vice President of Operations, the Branch Manager, the Lead Consumer Loan Officer, the Loan Manager, The VP of Operations, and a member services representative. None of these people have any experience in marketing development. With the exception of the member service representative, all the others have been cited for everything from sexual harassment to mistreatment of employees and failure to complete assigned tasks.
The President who orchestrated these changes, was selected by the Board of Directors because of his "past" experience in the banking industry though it has been more than 16 years since he last worked for a bank. During the 16 year interim, he served as our VP of Operations, and during that period, developed a reputation for laziness, ineptitude, while periodic accusations of favoritism, sexual harassment and inappropriate behavior were brought to the attention of our VP of Human Resources who coincidentally is his friend.
On 1/04/07, he promised employees of the company that there employment would be secure and that it was his intent to work hard and elevate company morale. Since then, he has terminated many employees, including one who asked that he prove his statements that she made disparaging remarks about the company and his leadership abilities.
Recently, it was discovered that 4 years ago he ordered the repossession of a vehicle, whose payments were 3 months delinquent. The owner and our former member, had suffered some personal problems, but in an agreement made between himself and our former collections supervisor, he agreed to specially structured payment plan which would ideally make him current. The vehicle which we financed was a BMW. Our president who was then the AVP of Operations, collects BMW's, owning approximately 7 of these vehicles. He along with the owner of the collection company we contract,
rescinded the agreement which would have allowed the member to become current and soon thereafter, ordered repossession of the vehicle. Ownership was afterwards transferred to our President's name, becoming an addition to his stable of cars.
The saga continues.