Chief Operating Officer

Posted 20 March 2024

Chief Operating Officer at Libro Credit Union

Operations Full-time Toronto

Experience: Senior-Level
Education Required: Bachelor's degree in business or finance; Master's degree preferred.
Salary Range: Not Specified

Close date: 19 April 2024

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About Libro Credit Union
Libro Credit Union (“Libro”) is one of the largest credit unions in Ontario and reinvests 100% of profits back into the people, businesses, and communities it serves. Libro has a purpose beyond profit, helping its Owners achieve their goals, supporting businesses to create a thriving local economy, and contributing to strong and prosperous communities. Libro is based in the traditional territory of the Neutral, Attawandaron, Haudenosaunee, Anishinaabek, Lunaapeewak, Algonquin, Leni-Lunaape, and the Ojibwe/Chippewa peoples.

Libro is owned by its customers, who elect the Board of Directors to govern the cooperative. Libro offers a broad range of financial services, including chequing and savings accounts, loans, mortgages, investments, financial coaching and advice for consumers and farm and business owners. Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA).

Libro demonstrates strong and exceptional performance in employee engagement, leadership, performance culture and employment brand. With a full range of financial products and services for consumers, businesses, and farms, Libro’s passionate staff and commitment to its communities sets the organization apart.
Libro’s great service can be experienced through 36 locations, online, telephone, mobile devices, and a network of 4,000 ATMs across Canada.

Position Description

The Opportunity

Reporting directly to the President & CEO, the Chief Operating Officer (COO) provides consideration to effective execution on Libro’s purpose, vision, long-term strategic plans, and short-term objectives. The COO helps set the strategic direction for Libro and furthers the sustainable growth of the business, providing leadership on the overall owner advice, coaching, and service delivery across all products and channels, both digital & physical, including Libro Connect and community branch locations across Ontario.

As a key member of the Executive Leadership Team, the COO provides leadership and oversight of all growth & revenue channels, products & pricing, distribution strategies, card services and credit insurance.

The COO delivers value to owners, achieving business results, and execution of business development plans through leadership of the community banking, wealth & insurance, and business banking functions. In addition, the COO leads effective delivery through the leadership of Personal & Business Credit Administration, Wealth & Branch operations, and drives innovation through effective management of process improvement & automation.

Key Duties & Responsibilities

Specific responsibilities of the Chief Operating Officer include:

  • Enterprise Leadership: Participates as an active member of the Executive Leadership Team by contributing to enterprise-wide and departmental strategies, while providing strong Credit Union system and community leadership and engagement.
  • People Leadership: Demonstrates exceptional leadership of the branch and channel staff, ensuring a capable, highly functional distribution leadership team.
  • Staff Engagement: Ensures high levels of staff engagement by delivering strong people leadership through effective communications and ensuring a clear understanding of Libro’s strategy.
  • Owner Loyalty & Performance: Ownership of overall financial performance results and owner satisfaction, adjusting as necessary to ensure success for owners and regulators.
  • Distribution Channels: Develops and maintains an effective distribution strategy & structure, including digital and physical channel delivery.
  • Revenue Growth: Responsible for revenue generation across all channels, non-interest revenue, and alternative channel exploration and growth.
  • Sales Management: Develops internal capabilities and partnerships needed to meet sales and revenue growth objectives, including development of internal teams and management of external partner relationships.
  • Products & Services: Develops and sustain profitable products, services, and pricing to grow and deepen ownership share of wallet and revenues, while delivering an excellent owner experience.
  • Operations: Leads key administrative and processing function (including Personal & Business credit Administration, Wealth Operations, Estates, and Branch Operations support), ensuring cost efficient, automated, and owner-centric operational functions aligned to Libro’s purpose and value proposition.
  • Process Excellence: As the executive leader responsible for deploying Lean and managing Lean initiatives, drives a lean culture focused on maximizing owner value and minimizing waste.
  • Risk Management: Ensures staff embrace an appropriate risk management framework in a culture that encourages empowerment and smart risk-taking, overseeing operational workflows, processes, and procedures that are aligned with key controls, risk management, and compliance considerations.

Required Skill / Experience

The Individual

The Chief Operating Officer (“COO”) is a seasoned financial services leader, with expertise in successfully leading sales teams across business banking, retail banking, wealth management, and call centers.

The COO brings demonstrated success and commitment to leadership development, mentorship, and sales coaching, and has an in-depth knowledge and expertise in people and culture.

A strong relationship builder and stakeholder manager, the COO is able to influence and partner closely with other members of the Executive Leadership Team while overseeing the growth objectives of Libro Credit Union.

Skills, Knowledge, and Experience

  • 10+ years' experience in financial services; minimum of 7 years' experience in senior management roles.
  • Financial services experience in a leadership role at scale, managing multiple lines of business in an organization operating in a highly competitive environment.
  • Experience building relationships, and track record of sales practices and driving business growth and transformation.
  • In-depth knowledge and demonstrated expertise in people and culture; experience in a values-driven business a definite asset.
  • Experience with strategic transactions, including Merger & Acquisitions, is an asset.
  • Experience managing relationships with government and financial regulatory bodies, along with knowledge and sound understanding of applicable federal and provincial legislation and regulatory requirements is an asset.

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