Co-op Solutions Appoints Chief Strategy Officer Dean Michaels as President/CEO

Co-op Solutions has announced the appointment of Dean Michaels as the new president/CEO, following the departure of Todd Clark.

Clark led the company through a period of expansive growth, increasing revenues and expanding product offerings during his more than seven years with the company, Co-op Solutions said in a Monday (Sept. 18) press release emailed to PYMNTS. The company is a FinTech platform that connects credit unions to technology, strategic partnerships and scale.

The board of directors at Co-op Solutions appointed Michaels, formerly the chief strategy officer, as the new president/CEO with immediate effect, according to the release. Michaels joined the company in November 2017, and appointment ensures a seamless transition.

Under Clark’s leadership, Co-op Solutions’ annual revenues grew from $276 million prior to his arrival to over $527 million in 2022. During his tenure, Co-op introduced more than 150 new products or enhancements to drive member engagement. The company now processes over 8 billion digital payments transactions annually and boasts a workforce of more than 1,800 employees.

Jackie Buchanan, Co-op board member and president/CEO of Genisys CU, said the company’s goals for 2023 remain the same: to improve organizational efficiencies, enhance employee and client experience, and accelerate the speed and quality of product delivery.

Michaels said in the release that the company is energized by its momentum.

“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,” Michaels said. “At the same time, Co-op has maintained a strong balance sheet to sustain our role as the integrated payments partner for credit unions.”

PYMNTS Intelligence has found that 28% of credit union members are willing to ditch their current financial institution for one that offers more leading-edge digital banking experiences. Credit unions that disregard the potential of innovation as a differentiator and member retention strategy risk losing members, according to “Credit Union Innovation: Credit Union Membership and Credit Profiles,” a PYMNTS and PSCU collaboration.