Insights From The Outside: Christopher Hendry

It’s quite the jump from health care to credit unions, but Christopher Hendry is quick to point out the two fields aren’t as far apart as they might seem. He should know. Hendry took the helm at IC Federal Credit Union ($604.3M, Fitchburg, MA) in 2021 after nearly three decades in nonprofit fundraising, education, and health care.

“I feel fortunate the jobs I had were focused on giving back and making a difference,” he says. “It’s interesting to me that I stumbled into something I think people later in life want, which is to have an impact in your daily life.”

Although Hendry came to IC from outside the credit union industry, he wasn’t unfamiliar with the cooperative. He spent a decade volunteering with IC, first as a member of the supervisory committee and later as a member of the board. After the former CEO left IC, the board approached Hendry to gauge his interest in stepping into the role, telling him it was looking to go in a different leadership direction.

“I was blown away and appreciative,” Hendry says. “But the more I thought about it, the more I thought it’s similar to what I’ve been doing throughout my career. It’s just doing it in a different fashion for the financial industry.”

Here, Hendry reflects on his journey from industry outsider to cooperative leader, reflections on that transition, moving from working on the board to working for the board, and more.

What initially attracted you to the credit union industry? Did your previous experience influence that decision?

Christopher Hendry: My career to that point had been about asking for money and trying to explain to donors how their financial commitment would make a lasting impact. Now, at IC, I was going to be on the other side. Based on my history in the nonprofit world, I thought I’d be able to have an impact if we could focus on how we committed funds structurally.

The other part of it was having the opportunity to lead an organization, for me to be in not a leadership position but the leadership position. Hopefully, I’d honed my skills during 15 years of various vice-president and leadership positions where I wanted to show that I could lead and make an impact.

I had a mentor at the local university who used to say, “When we make decisions, is it in the best interest of students? If it isn’t, why are we talking about it?” I stole that and say, “Is it in the best interests of our members? And if it isn’t, how do we find a way to make it be?”

Were there things that surprised you about working at the credit union?

CH: I think it would be hard for anybody from the board to really understand what the day-to-day operation is like. By my third month I was more well-versed in what was going on at the credit union than I ever could be by having 150 meetings over 10 years. The board manages the CEO and helps set the priorities for where the organization wants to go, but it’s not actively involved in day-to-day operations and making sure things get done. When you get into the job, it is the camel putting its nose under the tent for the first time. It’s amazing to see how everything is done.

How did your prior experience influence how you work with the board?

CH: Having the background and knowledge of what the board discussed and what we saw from the management perspective, and then seeing both sides, was really an eye-opener for me.

Were there any misconceptions about credit unions that were clarified once you became CEO?

CH: I looked at credit unions like every other financial institution and expected a bit of cutthroat competition. Early on I received a phone call from a leader at a competing credit union who wanted to introduce me to a couple of CEOs. The CEO I met with basically opened his doors and told me everything about his business. I thought to myself, “Am I not now able to steal everything you’re telling me and put it to work?” The answer, of course, is although we compete, we want to be able to collaborate. I thought that was interesting.

After three weeks of those meetings and talking to about seven CEOs who all said the same thing, I thought, “Well, not only do I like what they’re talking about but I can fit in here.”

Four years later it isn’t any different.

What are the cultural differences you’ve seen between education and health care and credit unions?

CH: There were 1,400 people at the university, 15,000 people at the hospital, and 125 people at the credit union. That scale is a lot different when you’re trying to change culture and keep focused on what you’re trying to do. We’re able to be a bit more nimble at the credit union.

How did your prior experience shape your leadership approach in a credit union context?

CH: I had a mentor at the local university who used to say, “When we make decisions, is it in the best interest of students? If it isn’t, why are we talking about it?” I stole that and say, “Is it in the best interests of our members? And if it isn’t, how do we find a way to make it be?”

What aspects of leading a credit union required a completely new mindset or skillset for you?

CH: Not having the financial background of a CFO or a lender, I had to place a lot of trust in my current CFO, who does a phenomenal job and was instrumental in bringing me along. Building that relationship helped me understand that I didn’t have to do everything. As CEO, I had to stop myself from getting too deep because I didn’t want to micromanage. I wanted people to be able to make their own mistakes and come back to me with their own solutions. That was a true awakening for me — trying to shed what I knew and how I worked and adopting new working practices and styles.

What advice would you give to someone considering an executive role in a credit union, especially if they’re coming from another industry?

CH: Jump in. Take the chance. For people outside the industry, it’s mindboggling to see how you can operate in a successful business that has a mission of giving back but still run it like a business. This isn’t a nonprofit that’s worried month to month about how we’re going to make payroll. We know we’re a successful business because we’re a $600 million credit union, but we’re able to leverage that to make an impact in our community. We stand behind that every day. We get to see the impact we’re making. For me, that’s life-altering.

What were you wrong about?

CH: I did too many things too soon. We brought everyone through a comprehensive strategic plan while changing the culture identifying new technology to bring on board.’

That’s a herculean effort to do any of those three things at once, and we did all three of them at the same time. We were successful, but looking back, I put a lot of pressure on the team and it put a lot more work on the table. Having the opportunity to redo that, I think I’d still focus on the same three things, but I might have spaced it out a bit.

This interview has been edited and condensed.