Dennis Hanson to Retire as President & CEO January 08, 2020
After a distinguished 36-year career, President and CEO Dennis Hanson has announced his retirement from the Dow Chemical Employees’ Credit Union. The Board of Directors has appointed current CFO Michael Goad as its new chief executive to lead the credit union effective April 1.
Hanson has announced he will step into the role of CEO emeritus on April 1 before officially retiring on March 1, 2021 from the Midland-based credit union. He will leave DCECU as its longest-serving chief executive, after spending more than three decades growing and strengthening the cooperative, not-for-profit financial institution. In his new role, Hanson will serve as an ambassador for the credit union, assisting with business development and supporting strategic initiatives.
Goad will be named President and CEO on April 1, when he will be responsible for refining and executing DCECU’s strategy while maintaining oversight of the day-to-day operations. He will work closely with Hanson to ensure a smooth transition.
“Under Dennis’ leadership, we have grown and prospered tremendously by nearly every measurable metric,” said Mark Fenske, DCECU’s chair of the Board of Directors. “His leadership and commitment to the organization have helped us become a nationally recognized credit union known for superb service and a focus on members first.
“We so appreciate his many contributions over the years. He has given Michael a solid foundation on which to continue building. We are exceptionally pleased to welcome Michael as our new CEO and look forward to a seamless handoff so Dennis can enjoy a well-deserved retirement.”
Hanson began his career with DCECU in 1984 as a mortgage loan officer and worked his way up through the credit union before becoming President and CEO in April 1993. Under his tenure, DCECU has:
- More than doubled its total number of members
- Grown the total amount of assets by more than 453%
- Increased total loans by more than 559%
- Improved member convenience and accessibility through greater use of technology, including Online Banking, alerts, eNotices, eTax forms, bill pay and the DCECU Mobile Banking App
- Developed the “Once a member, always a member” policy that allows those who leave Dow Chemical to keep their accounts without penalty
- Given back to member-owners by returning more than $200 million during his 27 years as CEO in the form of loan interest rebates, member saver rewards and other rebates
- Strengthened community ties through volunteer opportunities allowing employees to contribute to local nonprofits
Goad steps into the new role of President and CEO after serving as CFO for two years, where he was responsible for assessing and evaluating financial performance, economic forecasting, modeling and operational planning. During his time at DCECU, Goad has overseen improved financial results and internal audit and compliance functions. He has upgraded investment and loan policies to enhance profitability and member satisfaction. He also developed the long-term vision and strategy for member rewards, which have been well-received.
“In accordance with our succession plan, we are very fortunate to have someone of Michael’s caliber and talent ready to take DCECU to the next level,” Fenske said. “Michael possesses a strong track record in financial growth, customer satisfaction and organizational direction that will help continue our success.
“We look forward to continuing to provide our members with the highest level of customer service and the widest breadth of products under Michael’s leadership.”
Goad brings 31 years of experience at financial and higher education institutions in Michigan and Indiana to his new role at DCECU. Prior to joining the credit union, he served as CFO of the Notre Dame Federal Credit Union where he worked with the team to increase profitability, capital strength and employee and member strength and satisfaction.
Goad also served as CFO for Lake Michigan Credit Union in Grand Rapids, The Bank of Holland/ Northern Michigan and Cornerstone University in Grand Rapids. He began his career with SunTrust Bank in Miami before moving to Grand Rapids, where he held positions of increasing responsibility at Old Kent Bank, which later became Fifth Third Bank.
Goad resides in Midland with his wife, Claudia. He serves on the Symphony Council for the Midland Center for the Arts. They have three adult children, George (and Donielle, Montreal, Canada), Katina (Tennessee) and Giselle (Indiana).