PLEASANTON, Calif. After record earnings in 2012, $3.8-billion Patelco Credit Union is looking for a new CEO following the abrupt resignation of Ken Burns yesterday.
Late Monday afternoon, management released the following statement, “Our president and CEO, Ken Burns, announced today that he will be leaving Patelco Credit Union. He will continue to lead the credit union over the next several months to ensure a smooth transition until a new CEO is secured.”
Patelco noted Burns took over as CEO in 2009, “with the objective to turn around the credit union during an economically challenging time in the nation.” In 2008 Patelco reported a $40-million loss, followed by a $7-million loss in Q1 2009. Burns had been CEO at Technology Credit Union in San Jose, Calif., which at the time had $1.3 billion in assets. Patelco achieved its best performing year in the organization’s history in 2012, with more than $55 million in net income.
“Patelco appreciates Ken’s leadership, and we are thankful for his ongoing assistance during this transition,” the statement continued. “We remain committed to be the preeminent financial service provider to our valued members and community.”
