Co-op Solutions has announced the appointment of Dean Michaels as the new president/CEO, succeeding Todd Clark, who played a pivotal role in driving the company's substantial growth over his seven-year tenure.
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GLOCo-op Solutions has announced the appointment of Dean Michaels as the new president/CEO, succeeding Todd Clark, who played a pivotal role in driving the company’s substantial growth over his seven-year tenure. According to a press release dated Monday, September 18, emailed to PYMNTS, Co-op Solutions, a FinTech platform connecting credit unions to technology, strategic partnerships, and scale, highlighted Clark’s accomplishments in expanding revenues and diversifying product offerings.
The board of directors at Co-op Solutions swiftly named Michaels, previously the chief strategy officer, as the new president/CEO, effective immediately. Michaels, who joined the company in November 2017, ensures a seamless transition.
During Clark’s leadership, Co-op Solutions witnessed a remarkable surge in annual revenues, skyrocketing from $276 million before his arrival to over $527 million in 2022. Under his guidance, Co-op introduced more than 150 new products and enhancements, driving member engagement. The company now handles over 8 billion digital payments transactions annually and maintains a workforce of more than 1,800 employees.
Jackie Buchanan, Co-op board member and president/CEO of Genisys CU, emphasized that the company’s objectives for 2023 remain consistent: enhancing organizational efficiencies, elevating employee and client experiences, and expediting the speed and quality of product delivery.
Michaels expressed the company’s excitement for its current momentum in the release, affirming, “Co-op has continued to make transformative investments in its products, infrastructure, and organization to ensure the long-term success of the company, its clients, and their members.” He further noted Co-op’s ability to uphold a robust balance sheet, securing its role as the integrated payments partner for credit unions.
According to PYMNTS Intelligence, 28% of credit union members are open to switching their current financial institution in favor of one offering more cutting-edge digital banking experiences. The report emphasizes that credit unions must embrace innovation as a differentiating factor and member retention strategy to avoid potential member attrition. This insight was gleaned from the collaborative research of PYMNTS and PSCU in “Credit Union Innovation: Credit Union Membership and Credit Profiles.”
Source: PYMNTS
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