Lloyd Campbell entered Wall Street in 1980 and spent over 25 years advising companies on raising capital, which prepared him for board service. He was recommended to boards by management teams he had worked with and brought expertise in capital markets. Campbell believes diversity makes the boardroom better, as everyone brings a unique perspective. However, he has rarely served on a board with another person of color.
Campbell supports term limits for board members after around a decade of service. He also emphasizes the importance of peer reviews and being deliberate in rotating diverse directors through committees and chair positions. Boards should consider expanding the slate of diverse candidates and developing relationships with organizations to tap new talent. Sitting black directors can help by mentoring and recommending candidates to their networks.
While government mandates for diversity may not be sustainable, Campbell believes that if the right diverse people are in board seats and take their performance to the next level, the market will recognize the value they bring. Companies that genuinely embrace diversity will outperform others. Aspiring board candidates should focus on making a difference, developing networks, and letting their performance and experience speak for themselves, as board positions are obtained through recruitment rather than application.
