Cooperative Governance Group
Leadership Transition ReportNo. 11 · Third quarter 2026
Leadership Transition Report · United StatesData to 30 September 2026
CEO changes reach the highest quarterly count in our series
We recorded 116 chief executive changes in the third quarter, 17 more than a year earlier. Credit unions over $1 billion are now changing leaders faster than their boards told us they planned to
1Chief executive changes by asset band
Of the 4,400 federally insured credit unions in the June call report, 116 named a new or interim chief executive between July and September. The rate rises with size, and every band above $100 million changed leaders faster than a year ago.1,2
| Asset band | Credit unions | CEO changes | Rate | Q3 2025 |
|---|---|---|---|---|
| Under $100M | 2,350 | 38 | 1.6% | 41 |
| $100M to $500M | 1,150 | 41 | 3.6% | 33 |
| $500M to $1B | 380 | 14 | 3.7% | 10 |
| $1B to $5B | 430 | 19 | 4.4% | 13 |
| Over $5B | 90 | 4 | 4.4% | 2 |
| All | 4,400 | 116 | 2.6% | 99 |
Source: credit union announcements and trade press, NCUA call report data, IRS Form 990 filings, Cooperative Governance Group estimates
Source: credit union announcements and trade press, NCUA call report data, IRS Form 990 filings, Cooperative Governance Group estimates
2Why chief executives left
Retirement remains the main reason, at 64 percent of changes. Board separations rose to 11 from 6 a year ago, and eight of those boards went outside the credit union for a successor. Where a state chartered credit union files Form 990, the 11 departing CEOs above $1 billion had median total compensation of $812,000 in their last reported year.
| Reason | CEO changes | Share | External successor |
|---|---|---|---|
| Retirement | 74 | 64% | 22 |
| Left for another credit union | 17 | 15% | 9 |
| Board separation | 11 | 9% | 8 |
| Death or illness | 3 | 3% | 1 |
| Not disclosed | 11 | 9% | 5 |
| All | 116 | 100% | 45 |
Source: credit union announcements and trade press, NCUA call report data, IRS Form 990 filings, Cooperative Governance Group estimates
Source: credit union announcements and trade press, NCUA call report data, IRS Form 990 filings, Cooperative Governance Group estimates
3The senior team below the CEO
We counted 204 changes in the five senior roles we track, up from 178. Boards filled 43 percent of them from inside. Chief risk officer posts turned over fastest and were the least often filled internally, which matches what boards told us in this year's pay survey about the thin internal pipeline for that role.
| Role | Q3 2026 | Q3 2025 | Filled internally |
|---|---|---|---|
| Chief financial officer | 64 | 55 | 41% |
| Chief operating officer | 38 | 35 | 47% |
| Chief lending officer | 47 | 44 | 51% |
| Chief risk officer | 22 | 15 | 32% |
| Chief information officer | 33 | 29 | 36% |
| All five roles | 204 | 178 | 43% |
Source: credit union announcements and trade press, NCUA call report data, IRS Form 990 filings, Cooperative Governance Group estimates
4Against our pay survey
5What to watch in the fourth quarter
Year end retirements are usually announced in October and November, so the fourth quarter count has exceeded the third in each of the last three years. We will also read the September call report data when NCUA releases it in December and update the asset bands for the next edition.
How this report is built
- A change counts when a credit union names a new or interim chief executive, dated to the announcement
- Asset bands follow the most recent NCUA call report, so a credit union can move band between editions
- Every change traces to an announcement, filing or notice held on file for subscribers who ask
Approved for subscribersDenise HartwellPrincipal, Executive Compensation · 8 October 2026
1 Mergers in which the CEO of the acquired credit union leaves are excluded and tracked separately.
2 Credit union counts and asset bands use NCUA call report data as of 30 June 2026.