BECU CEO Looking Ahead to Retirement
BECU’s CEO and President Benson Porter to retire at the end of 2022.
On June 14, BECU's CEO and President Benson Porter announced that he is retiring at the end of the year, after ten years leading the credit union and more than 35 years in the financial services industry.
“I'm incredibly proud of the work we do at BECU and the positive difference our employees make each day in serving our members and communities, especially navigating through the pandemic. The past two years have inspired self-reflection for us all and reinforced for me that the time is right for me to retire,” said Porter. “Over the next few months, I remain committed to our work of transforming our employee and member experiences and helping set the stage for the next chapter of BECU. I am confident our next leader will bring fresh approaches to drive our work forward in line with our purpose.”
A Decade of Leadership
During Porter's time at the credit union, BECU has grown from just under $10 billion in assets to more than $30 billion in total assets today. During that same period, membership grew from over 800,000 members to more than 1.28 million members this past year. The credit union also expanded its business services to serve over 68,600 business members in its local communities.
BECU's giveback to its members and communities has also increased. In 2012, the credit union returned $115.3 million to its members through better rates and fewer fees compared to bank averages. Last year, BECU's return to the membership grew to $322.7 million. Part of that increase was driven by broadening its Reprice program to include more opportunities for lower rates on BECU loans or products. Additionally, its grant funding to local nonprofits increased from $1.1 million to $5.8 million in that same timeframe. This included the launch of its People Helping People Awards program, which has dedicated over $3 million of grant funding to member-nominated organizations since 2013.
“On behalf of the entire board, I want to share our heartfelt appreciation for Benson's dedicated service to BECU and our members. Through his leadership, the credit union has continued its commitment to the ‘people helping people' philosophy. The cooperative has grown, innovated, and expanded its offerings to improve the financial health of its more than one million members and their communities. Along the way, Benson has built a unique culture for its employees, driven by the organization's values and purpose,” said Debra Somberg, BECU's Board of Directors chairperson.
Recruiting a New Leader
The BECU Board of Directors has established a CEO Succession Committee to select its new leader. Recruiting efforts will begin soon, which includes executing a nationwide search that will consider internal and external applicants. The Board will keep employees and members updated as the recruitment process is underway and there is information to share.
Somberg stated, “The board and BECU's executive team are committed to selecting a new leader that will leverage BECU's strengths and differentiators, while evolving the credit union as needed to lead us into the future.”
Why is BECU's CEO, Benson Porter, retiring?
After self-reflection from the past two years, Benson has determined that the time is right to retire. He is proud of what the credit union has accomplished during his ten years of leadership in service to BECU's purpose and members. In the future, he looks forward to handing over the leadership of the credit union and pursuing personal passions.
Will this affect member experience?
Benson will continue to serve as CEO until the end of 2022, and there is no change to products and services for members from this announcement. BECU continues to implement exciting changes to improve the member experience and has a roadmap for new innovations that will continue.
How will you select a new CEO?
The BECU Board of Directors has established a CEO Succession Committee to select its new leader. Recruiting efforts will begin soon, which includes executing a nationwide search that will consider internal and external applicants and will include a diverse candidate slate.
Where can we go for more information?
Benson will continue to serve as CEO until the end of 2022. We will share more about transition plans as the date gets closer, and will post updates to the member news page.