Senior Vice President

PenFed Credit Union is hiring a Senior Vice President, Consumer Products at our headquarters PenFed Plaza in Mclean, Virginia. The primary purpose of this role is to lead the development and execution of PenFed’s consumer products strategy. The position is for a key leader who can help drive PenFed’s future through achieving profitable growth. This leader will oversee PenFed’s deposits, auto loans, personal loans, student loans, credit cards, debit cards and ATM products while working together with PenFed’s Chief Marketing Officer to craft functional, elegant and effective member experiences and go-to-market strategies.

Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.

• Develop consumer product strategies to spur asset growth while ensuring the value proposition exceeds membership/customer expectations.
• Help craft a deposits strategy focused on building primacy and reducing cost of funds.
• Partner closely with Marketing, Credit, Compliance and other key stakeholders to shape and advance PenFed’s consumer products strategy.
• Conduct portfolio/product-level forecasting. Work closely with Finance to monitor and manage portfolio profitability as well as fine-tune forecasting/performance models to improve planning and decision-making capabilities.
• Seek and evaluate new business and investment opportunities that represent revenue potential for the organization.
• Control expense budgeting and overall P&L management.
• Oversee the Credit Card Services customer lifecycle management strategy, drawing from industry experience and best practices to ensure that PenFed is optimizing cardholder engagement at all critical stages (acquisition, loyalty, & retention).
• Monitor the credit card and consumer product portfolio’s performance to make appropriate adjustments to the business plan. Identify strategic gaps and areas of opportunity to enhance portfolio economics, product mix/competitiveness, and/or the customer experience. Sponsor initiatives and projects that address these gaps, being an advocate for PenFed’s consumer products among cross-functional peers and leadership.
• Collaborate closely with Risk to identify gaps and opportunities within current suite of credit strategies to optimize risk/reward trade-offs.
• Advise executive team in prioritizing opportunities to maximize ROI, drive growth, and/or close competitive gaps. Update senior leaders on progress and influence the organization to support the growth agenda.
• Recruit, develop, motivate and lead a team of product managers that possess a deep understanding of lending economics, member/customer needs and the competition.
• Provide strategic leadership and oversee end-to-end credit card operation teams.
• Manage strategic vendor relationships that drive operational efficiencies and align to PenFed business goals.

*This role is responsible for ensuring business continuity.*

Education and Experience

Equivalent combination of education and experience is considered.

• Bachelor’s Degree in business or related degree program required, Master’s degree preferred.
• Minimum twenty (20) years management experience, including at least five (5) in a Vice President level role.
• 10+ years of credit card operations experience at a major financial institution. Must possess a deep understanding of the card payment ecosystem and card economics.
• Customer focused – strong record of achievement in applying a member/customer mindset to shape solutions and approaches.
• Proven strategic thinker with demonstrated strong problem-solving skills.
• Demonstrated ability to synthesize data/information, prioritize efforts, and drive results with a strong sense of urgency and decisiveness.
• Strong relationship management skills with proven ability to deepen relationships and build partnerships among peers, internal partners/leaders and external stakeholders
• Excellent verbal and written communication and diplomacy with all levels of employees.
• Ability to manage multiple projects and priorities, as well as work effectively in a team environment.

Supervisory Responsibility

This position will supervise employees.

Licenses and Certifications

There are no additional licenses and/or certifications required.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*

Travel

Ability to travel to various worksites and be on-call may be required.

About Us

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 1.8 million members and over $25 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, Okinawa, and Portugal. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

Our mission isn’t simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, and to encourage. We exist to usher their dreams into the land of reality.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.

Equal Employment Opportunity

PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 571-495-7921.