Creating a vision is a form of dreaming — what would the credit union do if we could do anything?
Steph Sherrodd has seen a lot during her journey to becoming a seasoned credit union executive.
The CEO of Sandia Laboratory Federal Credit Union ($3.8B, Albuquerque, NM) began honing her leadership skills during a seven-year stint as chief operating officer at the former Warren FCU — now Blue Federal Credit Union ($1.9B, Cheyenne, WY). She then moved to TDECU ($4.7B, Lake Jackson, TX) in 2004, where she served as the executive vice president and chief operating officer for eight years before moving into the role of CEO from 2012 to 2021.
She joined SLFCU in February 2022, putting to work hard-fought learnings from more than 25 years of weather calamities, mergers and acquisitions, and organic growth in competitive markets. Here, Sherrodd talks more about the essential lessons she’s learned along the way.
On turning leadership into visionary leadership …
Steph Sherrodd: The CEO’s role is to position the organization for sustainable success by enabling talent and culture. Visionary leadership requires transformation, leapfrogging the organization to a future that is not completely defined or clear while bringing stakeholders along on the journey.
CU QUICK FACTS
Sandia Laboratory FCU
HQ: Albuquerque, NM
ASSETS: $3.8B
MEMBERS: 144,482
BRANCHES: 12
EMPLOYEES: 499
NET WORTH: 10.5%
ROA: 0.11%
On creating buy-in for a compelling vision and initiatives …
SS: Creating a vision is a form of dreaming — what would the credit union do if we could do anything? Although scary, providing that freedom and encouragement to move the organization beyond “the way we’ve always done it” also creates engagement across the organization.
Sharing plans clearly, openly, and frequently helps create that necessary buy-in. It’s important to ensure all leaders are ready to communicate and align their actions to the new vision. Focusing on leaders ensures their team members will also get the information they need to support the vision of the future.
On leveraging past experience with disruptive weather, mergers, and more …
SS: I’ve had the opportunity to work in a multitude of business scenarios throughout my career and each one has presented me with valuable learning. Each scenario is different, however, and I focus on seeing new opportunities through the lens of SLFCU’s members and employees. Our vision, team, and solutions are all 100% focused on the opportunities ahead.
CreditUnions.com’s “On Leadership” series spotlights notable leaders across the credit union landscape by discovering how they joined the movement, learning what makes them tick, uncovering career lessons and successes, and seeking advice for the future of the movement. Read more today.
On fostering a culture of innovation and adaptability that supports forward-looking strategy and day-to-day activities …
SS: Managing the day-to-day operations while simultaneously building an organization for the future requires effectively managing the polarity of those two activities. Recognizing when we’re over-focused on one side of the polarity and ensuring we’re creating a culture of “AND” — a focus on activities that engage both sides of polarities — enables us to effectively lead the activities of today while envisioning the future.
On developing the capacity for high-performance leadership …
SS: High performers in any field — business, athletes, musicians, artists — have one thing in common: They practice. Leadership is no different. It requires ongoing practice, assessment, and adjustments to continually improve.
This interview has been edited and condensed.
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