Lloyd Dean’s first public board position was with Wells Fargo, which came through relationships he developed as chair of the Bay Area Council, a San Francisco Bay Area business association.
He thoughtfully and purposely built connections in the business community to learn about boards and was nominated to the Wells Fargo Board. Other subsequent board seats came through search firms and referrals. Board service attracted him because it is a vehicle to broaden his network, gain knowledge and provides a platform to bring an underrepresented voice to the table, while getting compensated.
His criteria for boards included alignment with his values and beliefs, openness to his perspectives on diversity and community impact, and not just box-checking. He advises starting with nonprofit or private boards to gain experience before public company boards, which often still expect some prior board service.
Effectiveness requires preparation, courage to ask hard questions, understanding all aspects of the business, continual learning, and appropriate use of one’s voice. Initially, he listened more before speaking up. Finding allies and not acquiescing just to get along are also key. He got to know fellow directors through board events – not through social events, i.e., golf and outings.
Looking ahead, Lloyd believes Black board representation will continue to grow incrementally, aided by preparatory work like this video archive. But his hope is that the increase will be more revolutionary than evolutionary, as past progress has been slow. Talented people are out there, but need to be given visibility and inspiration.
