VIRGINIA BEACH, Va.–CEOs who retire from successful credit unions take both memories and institutional knowledge with them. To capture some of that knowledge, especially with so many new CEOs coming aboard at credit unions. CUToday.info’s The Corner seeks to feature the perspectives of as many retiring CEOs as possible. Here, Ron Burniske, who is retiring after a 31-year career in management at Chartway FCU, including as CEO, shares his thoughts, lessons learned, and other observations. For more on Mr. Burniske’s career, see story at right.
CUToday.info: What intangible of leadership have you found to be most difficult to convey or prepare for, and how has that evolved over your career?
Burniske: By far, the most important is to stay true to yourself. With so many outside influences wanting to steer you in a different direction, it’s important to do what you believe in. Be yourself and defend it.
CUToday.info: Is there any training for working with a board of directors, and what have you learned about this process?
Burniske: I don’t think there’s any training. Every board you work for is going to be different; individuals have their own personalities. You have to be able to recognize both sides of the discussion and understand each person’s personality. That’s what politics are – the art of compromise. You won’t always be right, and you won’t always be wrong. You have to listen to what everyone says, because each person has valuable input. It’s a difficult thing to do when you’re a leader and you can’t really train for it. It’s largely innate.
CUToday.info: Have boards changed at all in their expectations?
Burniske: As times change, everything changes. The Board’s responsibilities have changed dramatically in the 30 years that I’ve been here, from change in skillsets, to understanding strategies, to understanding governance.
CUToday.info: Innovation: four syllables getting all the attention inside credit unions. Deservedly so? If so, can you really drive innovation? Or is it coming at the cost of implementation and delivery?
Burniske: Innovation at its core doesn’t bring success. What brings success is recognizing opportunities for our members and being able to treat them fairly. That is the core of what we do and how we do business. We do it honestly, openly and by building a relationship. Those are our core values. Innovation can help you deliver those, but most of the time, people use innovation as a solution rather than first delivering on their core values to the member.
CUToday.info: If you could go back and talk to you on the first day of the job, what advice do you share?
Burniske: Do it the same way. Do what you believe, and stay true to yourself. Believe your values are important – having a strong work ethic, a philanthropic effort, and contributing to our communities. Hold those close to you.
CUToday.info: During your career you’ve overseen tremendous asset growth. What have you learned about managing that growth, and are there any downsides to growth?
Burniske: As with any organization, the toughest thing you have to learn is the ability to delegate responsibility and to hold people accountable. There’s a transition from having had your hands in everything to being able to back away and talk about change and manage skills sets. You have to hire the right people to do the right tasks and be able to hold them accountable. Knowing how to create a vision and follow that vision is extremely important.
CUToday.info: One unique aspect of Chartway is it operates under three divisions. Why? And what advice would you have for other CUs considering doing the same?
Burniske: You have to make decisions based on what’s best for your business and how it operates. I’m not sure it would work for everyone else, but it is our strategic business model. How we’ve done it was intentional for the situations we encountered. I wouldn’t recommend copying our model, because it may not work for you.
CUToday.info: What is your Keeps-Me-Up-At-Night concern about credit unions? Why?
Burniske: Today, credit unions are now competing against each other for the same business. Additionally, the regulatory pressures facing our industry make it increasingly difficult to take care of our members like we were able to in the past. We are also being pressured by market invasion from banks, payday lenders, and online competitors. Simply, we have more challengers than ever before competing in the same space. So, I think about our ability to contribute as we have in the past.
CUToday.info: And your Let’s-Me-Sleep-At-Night optimism?
Burniske: As long as we stay true to what our beliefs are, I can rest my head on my pillow because I feel like I’ve made a difference in what we do for our employees, our members, and our community neighbors. What makes this place special is that because we are in the business of helping people, we tend to attract people who want to make a difference. They find the mission engaging, the work rewarding, and the challenge exciting. I’ve always believed that in life, success has little to do with what we gain or accomplish for ourselves. Rather, it’s about what we do for others that really matters. It’s humbling to know that we’ve been able to do just that.