Introduction

Toro Employees Federal Credit Unions (Toro CU) has been led by an inspiring and visionary leader for over two decades. Mr. Grant Johnson will be retiring as President/CEO in 2025, and as part of the CEO succession planning process, the credit union is seeking his successor. Headquartered in Minnesota, the credit union enjoys tremendous support from its primary sponsor, The Toro Company, and has a healthy foundation to build upon.

This search will likely attract a multitude of highly qualified candidates from the credit union and community banking industry. The positive reputation of the outgoing President/CEO is likely to serve as an attractor to candidates who want to lead an organization focused on serving the membership and fulfilling Our Purpose:

“To help the Toro family save, spend, and borrow money wisely.”

The Board of Directors is intent on selecting a President/CEO who brings vision, strategy, and the ability to build relationships that support the credit union’s commitment to being an autonomous organization focused on serving the financial needs of Toro employees and their families.

Hiring Strategy

The Board of Directors adopted a hiring strategy that encompasses hiring an EVP/Chief Operating Officer (COO) by December 1, 2024. Reporting directly to the President/CEO, the COO will be responsible for finance, accounting, marketing, human resources, and information technology. In addition, the successful candidate will be responsible for the retail operations, staff development, business development, compliance, and execution of the 2024 - 25 Strategic Plan.

The successful COO candidate will be promoted to the President/CEO position, upon current CEO Grant Johnson’s retirement in August 2025. Mr. Johnson will provide mentoring and training for the COO as part of the onboarding process for the new President/CEO.

Organization Profile

Toro CU is a member-owned, democratically operated, not-for-profit organization managed by a volunteer board of directors. Chartered in 1949, the credit union manages $36.39 Million in assets, serves over 3,000 members, and employs 6 people. Toro CU is headquartered on The Toro Company campus in Bloomington Minnesota and is currently in the process of refurbishing the office.

Candidate Leadership Traits

The following narrative descriptions will guide the Board’s screening and decision-making process, seeking someone who embodies the style and leadership traits described below:

Interpersonal Skills

Our President/CEO will have an authentic interest in other people and be fully committed to building success through collaboration. While always open to the opinions and ideas of others and willing to seek out other’s perspectives, the President/CEO will be a curious learner, collegial, and decisive in building and executing a strategic plan. 

The successful President/CEO candidate will be an exceptional communicator, able to convey ideas and plans in writing and verbally. Experience speaking to small and large audiences, including through delivering compelling presentations that inspire, motivate, and inform will help our President/CEO be successful in Board meetings, employee, and membership interactions.

Serving a large number of stakeholders, the President/CEO will work to represent the best interests of many, knowing there may be times when compromise is necessary or tough messages must be communicated. When holding difficult conversations, the President/CEO will always deliver those messages with clarity, tact, and empathy, following up with a solution that ensures continued collaboration moving forward.

Knowledge/Functional Expertise

The President/CEO will understand the value of a credit union dedicated to the well-being of its members. The President/CEO should be prepared to lead a small team of committed professionals (remote and in-person), oversee business operations, and report to the Board of Directors.

CEO Position Description & Candidate Qualifications            

PURPOSE

Plan and direct all credit union activities in accordance with policies as established by the board of directors. Responsible for ensuring financial stability commensurate with the best interest of the members, the employees, and the credit union.

DUTIES AND RESPONSIBILITIES

1. Direct all credit union operations, which includes planning and implementing programs and policies and providing general administrative direction.
2. Manage the day-to-day operation of the credit union and establish office procedures to use staff and facilities most efficiently.
3. Develop, recommend, and implement financial policies and procedures including regular assessment of Asset and Liability risk performance.
4. Analyze workflow of the credit union on a continuous basis and make changes to improve efficiency and reduce cost.
5. Ensure that the credit union is compliant with the federal laws and regulations set forth by the National Credit Union Administration and other regulatory agencies. Comply with Bank Secrecy Act, policies, and procedures.
6. Recruit and select quality applicants for employee vacancies, ensuring that the credit union is adequately staffed with competent employees.
7. Supervise a budget for the credit union that is consistent with the overall strategic plan.
8. Evaluate the job performance of the credit union employees to ensure quality service to members.
9. Ensure adequate equipment, supplies, and working space are available.
10. Conduct business development activities to promote the growth and development of the credit union.
11. Recommend appropriate wage and salary structure.
12. Plan and oversee the employee benefits program.
13. Manage security and safety for the credit union, with responsibility to analyze security and safety policies and procedures, and to alert staff of any changes.
14. Conduct management meetings regularly to ensure the dissemination of information, exchange of ideas, resolution of problems, discussion of trends, etc. Ensure that information is communicated throughout the credit union.
15. Manage security and safety for the credit union, and member data. Analyze security and safety policies and procedures, and alert staff of any changes in a timely manner.

SALARY RANGE

$72,000 - $126,000

Candidate Qualification Requirements

Experience

Progressive management experience and financial expertise with four years working in a financial services organization. Previous credit union experience is preferred.

Leadership Competencies

Demonstrated actions and progressive results in current and previous positions surrounding the Board-approved Ten Leadership Competencies.

• Visionary Thinker
• Effective Communicator
• Leader
• Change Agent
• Relational & Political Acumen
• Performer & Implementor
• Effective Communicator
• Decision Maker
• Business Acumen
• Cultural Driver
• Focuses on the Membership

Other Knowledge, Skills, and Abilities

• Understands, believes, communicates, and supports the organization's credit union philosophy, values, and mission.
• Demonstrates a working knowledge of the fundamentals of the financial industry, including technical systems, lending, investing, finance, accounting, marketing, and operations.
• Displays a superior level of reasoning, problem-solving, decision-making, rapid processing of detailed information, organization, analytical, and communication skills.
• Projects a healthy, balanced image, while maintaining poise, composure, patience, and positive relationships in difficult interactions. Strong people skills.

Preferred Education and Experience

• Credit union industry certifications
• Bachelor’s degree
• An advanced degree is preferred but not required
• A minimum of four years of financial executive leadership experience is preferred

Working Environment

Normal working conditions for an office environment

Work may require occasional weekend and/or evening work while requiring some overnight travel