Lisa explains that you do not need to be a CEO to get on a public company board. She was a COO when she joined her first public board in 2008. Boards now understand the value of other positions, skills, and qualities beyond just being a CEO. She joined her first board because she had Washington ties and M&A experience, which the company needed. She wanted to join boards to help companies pursuing missions she cared about, like education, and to understand how boards think about CEO succession and what makes a good board member or CEO.
Effective directors listen more than they talk. They understand power dynamics and defer to others when appropriate. They make an effort to build relationships with the CEO and fellow directors outside of formal meetings. Lisa used her finance and legal/compliance expertise to contribute in the boardroom. As a newer, younger director, she established herself by persisting when she knew she was right about issues like improper M&A financing plans. Directors need to believe they belong rather than second-guess themselves.
Lisa tries to identify dysfunction and information asymmetry issues when evaluating boards, through questions about committee structure, succession planning, and access to management. She says you can’t assume affinity based on demographics – shared mission and values matter more. Aspiring directors should comply with formal norms in the boardroom rather than assume they can bring their “whole selves” from other contexts without conforming somewhat. Lisa remains optimistic
that Black and other minority representation on boards will continue growing, not because times have changed but because multiple diverse directors per board has normalized it. Term/age limits for directors could also open up more seats.
