AOD Federal Credit Union board removing CEO
by Patrick McCreless
Aug 23, 2013 | 5376 views |  0 comments | 60 60 recommendations | email to a friend | print
Richard Simonton
Richard Simonton
The board of AOD Federal Credit Union is letting its chief executive officer go, less than a year after hiring him.

Richard Simonton, CEO of AOD, said the credit union's board of directors voted Thursday of last week not to continue his employment beyond Oct. 31. The board hired Simonton in November following the retirement of Kenneth Reynolds, the previous CEO.

"I was hoping to get them to commit to my employment beyond a year," Simonton said. "I was given no reason why for the decision."

Gordon Williamson, chairman of the AOD board, said during a brief phone call Friday that he had a statement regarding the situation but was not prepared to release it until Monday.

Simonton said he was hired without a contract and so never moved his family to Calhoun County from his previous home in Florida. Simonton said he has 14 children.

"It's been a tough time for me as far as being away from my family," Simonton said.

Before being hired at AOD, Simonton already had 30 years in the credit union industry, having served as conservatorship CEO for the National Credit Union Administration and as CEO and CFO for Insight Credit Union in Florida. He also held positions as CFO for Community Credit Union and vice president of finance at Community First Credit Union, also in Florida.

Simonton said he has worked hard since coming to AOD and helped improve its bottom line, turning around three years of negative growth in the last few months. In July, AOD was up $2.6 million in loan revenue and should be up 15 percent in revenue by the end of the year if the growth trend continues, Simonton said.

"I've seen results of simply being a leader and enabling the staff to do their jobs," Simonton said. "AOD has been a pleasant place to be."

AOD opened for business in 1950 with a total of 45 members, all of whom worked at the Anniston Army Depot. Since its founding, AOD has grown to one of the largest credit unions in the state. The credit union has offices in Anniston, Jacksonville and Oxford, with more than $242 million in assets.

Staff writer Patrick McCreless: 256-235-3561. On Twitter @PMcCreless_Star.

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