Ken Bacon has served on the boards of several major companies, including Comcast, Ally Financial, Arbor Realty Trust, and Welltower. He started his career in investment banking before working in government during the savings and loan crisis. He then spent 18 years at Fannie Mae, 12 of them running the Multifamily Division. Since retiring from Fannie Mae, he started his own real estate investment firm and serves on corporate boards.
Bacon says the most important board qualification is integrity – being willing to stand up for what’s right. Preparation is also key – he immerses himself in industry news and company materials to be an effective, knowledgeable board member. He emphasizes contributing real business expertise versus just filling a diversity quota. Bacon has declined some board opportunities that had issues with management behavior or shareholder conflicts.
Regarding board diversity, while it helps bring new perspectives, Bacon stresses the moral dimension of reflecting America’s values. He compliments recent independent director groups focused on advancing Black board candidates. Mentorship and introductions from existing minority directors are also crucial to making progress.
Bacon feels board workload has increased substantially in recent years between more frequent meetings, preparation, and emotional energy. He plans to cut back from 4 boards to 2 or 3. His advice to new Black directors – know what you bring to the table, establish inner-circle relationships, speak up constructively, and continue working hard.
