Conference 7.286::dcu

RE:  <<< Note 883.0 by JGODCL::ROSS "Don't spell this: IMEC RU in front of..." >>>
   
>>    How can this be... 
>>    It has been nearly 2 weeks and 1 board meeting 
>>    since Chuck Cockburn resigned as CEO of the DCU 
>>    and there is nothing about it in the notes file.....?
>>    Open and honest communication...that is, only
>>    when it is convenient?  Phil NOTED on the
>>    Sept. 26....and still no mention of it.
  
     So... why didn't YOU mention it earlier?

                                      Greg  

>>     So... why didn't YOU mention it earlier?

    Or one of the OTHER, digital employed board members who still has
    access to this notes file. 

    There's probably some officially crafted, glitzy announcement in
    the works and it'll be released per Chuck's schedule.

    Charly

    New person noting in .0?  I've known about it for quit a time, its been
    no great big secret.  I also know that the board [guess who's chairman]
    is preparing a baord memo, so I didn't say anything to steal their
    thunder.
    
    And there is a bigger open and honest communication.  I regularly
    attempt to communicate with the directors, as I do with any legislative
    body that represents me.  And its a whole lot refreshing today.
    
    Welcome to the notesfile Lisa.
    ed
    

    
    Re .0:
    
    Hey Lisa! Good to see you! How's life on the other side of the pond.
    
    Chuck resigned? Gee, that's too bad. I was hoping he'd give it a try
    working with the new board. But I suppose it was inevitable. I put myself
    in his position and ask how I would feel now that my rubber stamp has
    self-destructed, and I can understand why he would jump ship.
    
    Well, not to worry. As I recall, DCU functioned admirably for six
    months after Mangone was fired. I's sure Chuck created the same type of
    competent team that will carry on in the temporary absence of a CEO.
    
    Open and honest communication? Gosh, Lisa!! Phil was slammed so may
    times in the past 2.5 years for speaking out of turn, perhaps he's a
    little gun shy -- and who could blame him. Then again, maybe he (along
    with other directors) is chomping at the bit for some open and
    honest communication, but he's shackled by the information control
    policies and procedures established by the previous board. I mean,
    maybe we'll have to wait six months for the BoD meeting minutes to be
    published (as we did to find out about "Relationship Banking") before we
    get official word of Chuck's resignation. And even then, we'll have Phil
    to thank that the information is in the published minutes at all!
    

    The news just keeps getting better all the time. Bye Chuck.
    
    

    
    
    The tone in .0 sounds like sour grapes to me...  Besides anyone who
    "would communicate" with us is now hampered by the fact they have to
    send mail from the outside and that's because they did communicate and
    were disassocated from Digital for it.  Phil's posting from 9/26 was 
    directed at *THANKING* people for their support.  Also since what is 
    discussed at board meetings in not supposed to be public knowledge until 
    the entire board has reviewed the minutes, so I don't buy your argument.  
    Although I suppose if you found out, then at what "level" was this 
    broadcast? (10,000 feet at supersonic speed so no one would find out?)
    
    I guess the question is how did you find out? I found out by reading
    your note, thanks for the note.  Perhaps now those of us that would
    like to see a board and president working together, will now get that
    chance rather than having the board fighting both internally and with
    the president.  Perhaps we can now have a president that isn't worried
    about secrecy and fees, and one that knows what the ideals of a credit
    union are. Perhaps even we can get people to come back to the DCU and
    start using it again, rather than being driven away.  I am sure that
    there will be those just chomping at the bit to put down and degrade
    this new board (that the MEMBERSHIP CLEARLY WANTED). 
    
    In any case, it doesn't seem the word has gotten around widely - do you
    think DCU employees even know?  At least the ones on the front line? 
    I can't remember reading, was Chuck at the Annual Meeting?  If so, was
    this before or after the fact.  If after the fact, then why was he
    there?  Unless he came as a member...
    
    
    John
    

    
    
    .4 I think Chuck must have decided that he ideas didn't match what the
    employees wanted. So this bottom up message managed to some how to
    actually make it to the top.
    
    

    I talked with Phil Gransewicz and here's the situation as I understand it.
    
    1)  Chuck announced his departure to the DCU employees on Friday morning, 
    September 23rd.  That's a week and a business day ago, not two weeks.
    
    2)  Chuck told the new Board that he was leaving that same day -- there
    was no advance notice to the Board, or at least not that Phil heard of.
    
    3)  As Phil understood it, Chuck already had a new job to go to, just
    3 days after the election results were announced.
    
    4)  The timing of the above events should make it clear that this was
    Chuck's decision and not the result of any action of the new Board, 
    just in case anyone was wondering.  Chuck had a contract and could
    not have been fired, even if the new Board had wanted to, which I
    don't believe they did.
    
    5)  Phil wants the Board to issue a formal memo on the subject and
    hoped that it could be posted shortly after their first meeting, 
    which was 6 days ago.  I hope and expect that it will arrive soon.
    
    
    	Enjoy,
    	Larry
    
    
    PS:  I don't think it's appropriate to critize the author of .0.
    I feel that we should disagree on issues without being disagreeable.
    I think some of the previous replies do not live up to that standard.

    
    re .6:
    
    Chuck was present at the annual meeting, and wad formally introduced as
    the CEO of DCU.
    

RE: Note 883.0 by JGODCL::ROSS
    
>    It has been nearly 2 weeks and 1 board meeting 
>    since Chuck Cockburn resigned as CEO of the DCU 
>    and there is nothing about it in the notes file.....?

According to your time line (nearly two weeks) you knew about Chuck
resigning before he had announced it to the employees and other board 
members (.8 points out that the NEW BOD knew about this since a week ago
Friday).

Is there a reason that you waited before sharing this information with
the BOD and other members?

	- mark

    
    So if Chuck has only told the DCU employees and board members...
    
    
    Anyways, I definately don't mean to criticize, but those that live in
    glass houses... 
    
    
    I find it interesting however in the sequence of events, as in, if the 
    3 G's were not elected would Chuck have decided to switch jobs anyways?
    Was the decision to look based on any "advance" feedback from the
    cancelled election?  In any case it's all water under the bridge and
    we can only hope that in the future we all aren't so cynical when it
    comes to dealing with the DCU leadership.
    
    
    John
    

    Hey, folks, let's not nit pick about the meaning of "nearly two weeks".
    I'm sorry I even mentioned that phrase.
    
    I've never heard of any evidence that Chuck had inside information
    about the election results.  My assumption is that he felt that there
    was a significant chance that the winners would be people he did not
    wish to work for, and therefore he looked around just in case.  I expect
    that, had the 3Gs lost, we would never have heard that he had been
    looking for an alternate position.  But regardless, it's his choice
    and there's little point in second-guessing him, or in rehashing issues
    from the election that are now moot.
    
    	Larry

>    My assumption is that he felt that there
>    was a significant chance that the winners would be people he did not
>    wish to work for, and therefore he looked around just in case.  
    
    	And somehow affected the cancellation of the aborted election
    	to give himself time to react to the writing on the wall?

    
    The following is posted at the author's request.
    
    Bill -- co-moderator DCU
    
    ---------
    
From:	US2RMC::"[email protected]" "Chris Gillett"  4-OCT-1994 01:48:57.88
To:	wldbil::kilgore
CC:	[email protected], [email protected]
Subj:	Lisa Ross posting in DCU notes


Bill:

I heard this afternoon that Lisa Ross had posted questions or comments
concerning Chuck Cockburn's resignation in the DCU Notes Conference.  Since
I do not have access to the conference, I don't know what she wrote.  
Could you check the conference and see if she did post a note regarding
Chuck's resignation?  If, in fact, she did post something, then I would really
appreciate it if you would post this entire note to you as one of the replies 
to her note.

President Cockburn did, in fact, announce his resignation as President and
CEO of DCU.  The Board learned of his decision to resign on Friday following
the annual meeting.  The Board formally accepted his resignation at the
September board meeting. DCU employees were made aware of Chuck's resignation
the same day as the Board learned of his decision.

Mr. Cockburn leaves DCU to join Hudson Valley Federal Credit Union as its
President and CEO.  Hudson Valley is a $800,000,000 credit union, which is
more than twice the size of DCU.  Mr. Cockburn told the Board that this
represented a great opportunity for him that he could not pass up.  The Board
accepted Mr. Cockburn's resignation with regret, congratulated him for his
excellent service to DCU, and wished him well in his new endeavor.  In 
addition, the board established a search committee, and made plans concerning
the appointment of individuals to serve as acting CEOs until a new CEO is
in place.

Mr. Cockburn continues to serve as President and CEO until mid-October.
In fact, he will be present at our planning conference scheduled for October
13-15.

DCU has plans to issue a press release concerning his resignation.  The
issuing of this release is in the capable hands of DCU's management and PR
people, and I would expect to see a release made sometime this week.  There
are also press releases scheduled concerning election of board officers,
board policy decisions, etc.

My understanding is that Lisa was questioning why this information
has not been published or made available sooner.  I think probably people were
withholding comment until after DCU management had issued a formal 
announcement.  There was no board discussion that I recall concerning the
release of this information, or the withholding thereof.  I have been waiting
to say anything until a formal announcement was made.  I do not know what Lisa
wrote, but if she is suggesting that information is being withheld or made 
confidential regarding this issue, then she is incorrect.

I hope that this helps to answer Lisa's questions.  Please recall that many
DCU Directors cannot participate directly in DCU Notes discussions due to
employment considerations.  Speaking for myself, I welcome comments, questions,
discussions, and concerns via email.  My address is posted at the bottom of
this note. 


Thanks,

Chris Fillmore-Gillett

[email protected]

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% Subject: Lisa Ross posting in DCU notes
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% From: [email protected] (Chris Gillett)
    

    I don't care who, what, or when found out how at this point. The bottom
    line is that this news is great!
    
    Ken....
    

    .0:
    
    Why does Digital go to the bother of a formal press release when a vice
    president resigns?
    
    Dick

RE:     <<< Note 883.16 by VMSSG::LYCEUM::CURTIS "Dick "Aristotle" Curtis" >>>
    
>>    Why does Digital go to the bother of a formal press release when a vice
>>    president resigns?
   
     To control the "spin" on the story and to inform stockholders?

                                       Greg

        FOR IMMEDIATE RELEASE
        For Additional Information
        Contact:  Tim Garner, 800/328-8797 x 204
        
        
                            DCU President resigns
        
        
        MAYNARD, MA - October 5, 1994 - Digital Employees' Federal 
        Credit Union (DCU) announced Charles J. Cockburn, President/
        CEO, will resign effective October 14, 1994.  He will become 
        President/CEO of Hudson Valley Federal Credit Union in
        Poughkeepsie, New York.
        
        Philip J. Gransewicz, DCU Chairman, said, "the Board is sorry 
        to see Chuck leave, but we wish him well at Hudson Valley.  
        Chuck's dedication and hard work were instrumental in 
        improving DCU's financial position."
        
        Mary D. Madden, Vice President of Operations, and Allan M. 
        Prindle, Vice President of Lending, will share Acting CEO 
        responsibilities until the Board fills the vacancy.
        
        DCU is a not-for-profit full-service financial cooperative 
        owned by and operated for its 71,000 members.  DCU is the 
        second largest credit union in Massachusetts with more than 
        $350 million in assets.  DCU currently operates 20 branches in 
        8 states.
        
                                     ###
    

Well, the election of the 3Gs on the eve of my 3-week vacation was great news,
but to learn that Chuck's resigned as one of my first pieces of news upon my
return makes it all the better!

-Jack

A friend of mine just passed to me the latest copy of the Hudson Valley
Federal Credit Union's quarterly paper called Shared Interests.  On the
front page it listed the new President/CEO -- none of the Charles
(Chuck) Cockburn.

Quoting from Shared Interests':

 "During the past three years, Mr. Cockburn guided Digital EFCU through a
  tremendous turnaround that included record loan growth, significant
  improvement in service and a more than doubling of the credit union's
  capital ratio."

I will try to get the whole article added in the near future.

One last thing of interest for those who do not realize it.  Hudson
Valley Federal Credit Union is the IBM credit union...

Chuck left Digitals CU to go to IBM's CU...

	- mark