Dow Chemical Employees Credit Union names CEO’s successor
Dennis Hanson, president and CEO of Dow Chemical Employees Credit Union, has announced his plans to retire. He is DCECU’s longest-serving chief executive.
Chief Financial Officer Michael Goad will succeed Hanson, taking the helm of the Midland, Mich.-based institution on April 1. At that time Hanson will become CEO emeritus until he officially retires on March 1, 2021.
Hanson joined DCECU in 1984 as a mortgage loan officer and worked his way up the ladder until his appointment as CEO in April 1993. During his time as CEO the credit union grew its assets by more than 453% while loans rose over 559% as the credit union more than doubled the number of members it serves. Along with overseeing the rollout of several new technology services, Hanson also developed a “once a member, always a member” policy that allows members to keep their accounts without a penalty should they leave the credit union and later choose to return.
“Under Dennis’s leadership, we have grown and prospered tremendously by nearly every measurable metric,” said Mark Fenske, chairman of the credit union’s board of directors. “His leadership and commitment to the organization have helped us become a nationally recognized credit union known for superb service and a focus on members first.”
Goad spent two years as CFO prior to being named CEO, having helped improve financial results and internal audit and compliance functions, among other accomplishments. He helped upgrade DCECU’s investment and loan policies and also developed long-term strategies for member rewards. The credit union recently returned more than $20.5 million to members in patronage dividends, DCECU’s largest-ever giveback. More than $200 million was returned to members in payouts during Hanson’s 27 years as CEO.
“In accordance with our succession plan, we are very fortunate to have someone of Michael’s caliber and talent ready to take DCECU to the next level,” Fenske said. “Michael possesses a strong track record in financial growth, customer satisfaction and organizational direction that will help continue our success.”
The $1.7 billion-asset credit union reported $7.7 million in net income during the first three quarters of 2019, the most recent data available, up from $4.9 million one year prior.