Assembling a 'venture-backed 'company board
A small to medium-size business that has an advisory board is rare in today’s world. However, assembling a board of advisors may be one of the most important steps a CEO can take to assure the success of the company, giving the business a significant advantage over competitors that rely solely on internal talent.
Leading a major corporation has never been a routine task, but a strong argument can be made that the pressures CEOs face today present a particularly daunting set of challenges. One consequence of the tumultuous ride this last dozen years has offered has been a closer scrutiny by stakeholders of all levels of leadership.
Interviewing candidates for a board of directors is a very specific process. Not too dissimilar from interviewing a prospective CEO, it involves evaluating a wide variety of criteria, and at the same time educating the candidate and convincing them of why they should join your company — should they ultimately be invited. However, there is one fundamental difference between interviewing someone for an executive position as opposed to a board directorship.
We all have heard the stories about directors who doze during meetings, sit silent while others engage the issues, and rubber-stamp the CEO before questions have been clarified. It takes no special expertise to identify these examples of deadwood, though it may take some time and skill to ease them off the board.
Wondering why Sam or Susan got on the board and you didn’t? The answer is often the interview. Candidates think they’re prepared, when frequently that is not the case.
Board members are no longer handpicked by CEOs to hand-stamp the CEO’s policies. All board members know the importance to effective corporate governance of choosing a new member. The nominating and governance committee has responsibility to manage the process but it is truly an inclusive role once the committee narrows its selection to the top one or two candidates. Shareholders vote on the new member at the subsequent annual meeting.
Many acquisitions fail to create value for the acquirer, and in most deals the benefits go largely to the seller. This reflects the highly competitive nature of the M&A market. It also reflects the large concentrated investment bet at premium prices of M&A transactions. Buyers, in effect, are prepaying for uncertain future revenue and cost synergies. Frequently, buyers overpay for the expected synergies based on managerial optimism, overconfidence, and the urge to beat competing bidders.
Former Deputy Secretary of Defense, Patrick M. Shanahan joins Leidos board of directors
Leidos, a defense, aviation, information technology and biomedical research company, headquartered in Reston, Va., appointed Patrick M. Shanah to it Board. He served as the 33rd United States Deputy Secretary of Defense from 2017 to 2019…
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