On Boards Podcast

In this episode, Joe and Raza speak with Firas Raouf, co-founder and general partner at Companyon Ventures, a Boston-based VC firm specializing in early-stage B2B software and AI startups. Firas shares insights from 25 years as a founder, operator, and venture investor—helping companies transition from founder-led sales to scalable, operationally disciplined organizations. The conversation focuses on how early-stage founders should think about creating their first board, the mistakes to avoid, and why great board dynamics depend heavily on execution. Key takeaways Career beginnings 25 years ago, Firas co-founded three startups — two were during the dot-com era and one that became VC-funded, giving him firsthand experience sitting on the receiving end of board advice and investor expectations. Then, Firas was invited to join OpenView while working at Insight Venture Partners and was able to spend 10 years seeing OpenView and its portfolio companies grow. Later he co-founded Companyon Ventures How Companyon Ventures supports the expansion stage investing After early product-market fit, companies hit the "now we need to scale" moment. Companyon Ventures specializes in this transition, helping founders build their first leadership team ,operational discipline, KPIs and dashboards scalable go-to-market engines a plan for capital needs Early-stage boards are about support Firas emphasizes that early boards are not oversight bodies like public-company boards. Their purpose is to surround the founder with people who can help them think strategically, navigate challenges, and build a scalable company. A board can include a seat for common shareholders, lead investors and an independent board member, who is someone with whom the CEO is comfortable. Since lead investors can become a long-term board member, Founders must evaluate who they are letting in, not only the valuation. Once someone is on the board, they're not easy to remove. Boards must evolve as the company evolves As companies grow, the expertise they need changes. Firas suggests cycling out board members after two years. After 18–24 months, it's common for a board member's value to plateau, making board refreshes, new independent directors, or role rotations both healthy and necessary. Quotes "A happy board tends to reflect great execution. An unhappy board tends to reflect poor execution." "I do think that you should keep things fresh, so to speak, and so any board member really that has been there more than two years, it's rare that you haven't picked their brain dry." "It's not just about valuation, it's also about who you're going to let into your company, into your house, because once you let them in, you can't get rid of them." "The board of directors for an early-stage startup is the opportunity to have a number of people around the table that can help you navigate and scale your company."   Links Companyon Ventures- Boardroom Confidential   Guest Bio Firas Raouf is the co-founder and general partner of Companyon Ventures, a Boston-based VC firm that invests in early-stage B2B software and AI startups. Before launching Companyon, Firas was part of the founding team at OpenView Venture Partners, where he helped pioneer the "expansion stage" investment model and partnered with dozens of software founders to scale their go-to-market operations. Today, he focuses on helping founders transition from founder-led sales to scalable growth by building leadership teams, operational discipline, and repeatable GTM engines. Firas is known for his hands-on, operator-turned-investor approach and his passion for guiding first-time founders through the challenges of building high-growth software companies.  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh speak with Dr. Linda McGoldrick, an international board director, strategy leader, and policy expert in healthcare and life sciences.  With 30 years of global experience across the U.S., U.K., and European boards, Linda shares what defines high-performing boards, the importance of trust and diversity of thought, and how geopolitical and technological shifts are transforming governance today. Key takeaways Traits of high performing boards Regardless of size or geography, effective boards are well-prepared, prioritize meaningful discussion over reporting, and cultivate trust and mutual respect. High performing boards all display strong relationships, open communication, and diversity of thought among board members. Linda added that values, camaraderie and trust are intangible aspects that are important aspects of a successful board. Boards in the U.S. vs the rest of the world Linda observed that even in non-English speaking countries, English serves as the universal language for board communications - a reflection of its role as the global language of business Boards outside the U.S. place greater emphasis on courtesy, respect, and a thoughtful pace of discussion, reflecting multicultural membership and diverse business contexts. Historically, many U.S. boards were more domestically focused, but Linda sees this shifting as companies expand internationally. Directors today are expected to understand global markets, geopolitical dynamics, and comparative business environments. Expansion of risk oversight Today's boards must monitor not only financial and operational risks but also a host of geopolitical, regulatory, and other related challenges. Artificial intelligence impact on boards The use of AI has implications of security, benefits, risk and investment as the technology continues to expand and have impacts on economies and society. Boards have the responsibility to oversee the implications for organizational strategy and risk management. Linda views AI as a valuable efficiency tool, such as bots that summarize materials but stresses that human judgment, discretion, and ethics must remain central to board decision-making. Quotes "I don't want to see myself around the table. I want to see a diversity of experience. We all bring certain talents which feed into the most rigorous and robust discussions around board process." "AI is a global race… I think the human element of discretion and insight is critical to know the line of technical and bot-expertly-fed conversations versus human thoughtful conversations in dialogue. Guest Bio Dr. Linda McGoldrick is an international board director and healthcare and life sciences leader with more than 30 years of global executive and governance experience. She serves on the boards of SmileyLife Holding, Alvotech, where she chairs the Audit Committee, and Compass Pathways, and is the Founder and CEO of Financial Health Associates International. Linda has held senior roles across the U.S. and Europe, including leadership positions at Marsh's Healthcare & Life Sciences practice, Kaiser Permanente's European operations, and Veos plc. She has also served as CEO of the International Diabetes Federation and the Drug Information Association. A dual U.S.–U.K. citizen, Linda brings deep expertise in global strategy, regulatory environments, and board governance across public, private, and nonprofit organizations.  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh speak with John Rose, an international marketing executive, entrepreneur, and board advisor who has led businesses across the U.S., Europe, Latin America, and the Middle East.  John discusses his global career—from founding the first ad agency in Russia to relocating his company to Dubai and his recent research project, "The Boardroom Blindspot," a global survey exploring why marketing expertise is underrepresented on boards. He also shares insights from his work with the Virtual Advisory Board and Board Brothers, highlighting the impact that advisory boards are having on governance. John has served as a board member and advisor for several companies, including Atypical Digital, WLB, Cow Level and Harvard Alumni Entrepreneurs. Key takeaways 1.A global career defined by reinvention John began his career in Boston media and advertising before co-founding the first Western ad agency in what was at the time the Soviet Union. As global markets shifted, he built a thriving international business across Eastern Europe. When the war broke out with Ukraine, he and his team quickly relocated from Russia to Dubai, rebuilding their agency from the ground up and now represents Dubai's tourism in a number of countries. 2. Dubai's culture of openness and innovation John described Dubai as "the city of the future," efficient, safe, and globally connected, with a government and business culture that actively supports growth. Dubai offered a welcoming and dynamic environment for rebuilding. With 90% or more of residents coming from abroad, the city fosters a strong sense of belonging and entrepreneurial energy. 3. The Boardroom Blind Spot John's research survey, conducted with the Virtual Advisory Board*, revealed that fewer than 14% of boards surveyed include directors with marketing expertise. The survey included 416 board members and executives across 46 countries. Results showed that 60% of respondents believe that marketing perspective would add value, but only 11% have addressed the gap. John asserts that boards are still dominated by finance and legal expertise but largely excludes marketing expertise which brings a customer-centric lens essential for growth, purpose, and communication in a rapidly changing world. 4. Preparing marketers to serve effectively on boards John believes marketing professionals must take some of the responsibility for closing the gap by learning to "speak board"-connecting creative and customer insights to business outcomes, governance, and shareholder value. Strategic marketers, especially CMOs and Chief Growth Officers, can bridge this divide by pursuing board education and gaining experience through nonprofit and/or smaller boards. Quotes "86% of companies don't have any marketing expertise on their boards -      that's pretty significant." "I think we (marketing) are the interpreters. I think we're the people who help cross the gap between what the marketplace wants and desires and what the company can deliver." Links The Boardroom Blindspot Guest Bio John Rose is an accomplished senior executive, entrepreneur, investor, board member, and creative director with over 30 years of experience leading marketing and media businesses across the U.S., Europe, Latin America, and the Middle East. He is a founding member of the Virtual Advisory Board, co-founder of Board Brothers, and a frequent speaker on global governance and marketing leadership. John's expertise spans brand strategy, international expansion, and board governance, with a special focus on helping companies bridge marketing insight with corporate purpose and growth. He currently resides in Dubai, where he continues to advise boards and global organizations on marketing strategy and board composition. * The Virtual Advisory Board (VAB) is a virtual and global platform which connects its members and helps them navigate the global board of directors and advisory board ecosystems.

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Jim Brown, co-founder of OrgHealth and author of the global bestseller "The Imperfect Board Member."   With 30 years of experience advising boards and CEOs, Jim shares how embracing imperfection leads to stronger leadership, healthier organizations, and better board performance. He dives into the evolution of governance over the last two decades and the cultural challenges boards face today.  Jim also previews his forthcoming book arriving in 2026, "The Imperfect CEO," set 20 years after his first book. The sequel explores the current reality that company leaders face through changes in leadership expectations and workplace culture.    Key takeaways 1.OrgHealth's mission Jim explains that organization health is a focus on culture, the relationship between board members, how they communicate with each other and how they talk about their CEO and management team Companies that seek OrgHealth's consultations need to have a leader who recognizes that they will be making most of the changes and acknowledges that improvements need to be made.    2. "The Imperfect Board Member" philosophy The book tells a fictional story of a frustrated CEO who discovers that in order to make effective change on his board, it begins with self-awareness. Along his journey he discovers  "The Seven Disciplines of Governance Excellence: direct, protect, connect, expect, respect, reflect, and select.  The key insight from the story is that lasting board transformation requires both individual and collective growth. 3. Challenges adjusting to changes in culture Jim's upcoming book, "The Imperfect CEO," revisits the same protagonist 20 years later as he confronts a new reality of generational and cultural shifts within companies. The issue that company leaders face is being stuck in the mindset that because something worked before, it should still work. But with younger generations entering the company, outdated expectations receive pushback.  4. The ideal board chair A great board chair leads with an attitude toward service, not authority. Their role is to draw out the best from every member, ensure effective discussion, and maintain focus without dominating the conversation. 5. Term limits, a solution to offboarding challenges Jim suggests that rather than making offboarding personal through performance feedback, make it a mechanical process. Term limits also encourage boards to develop the skill and culture to bring in new members and help them learn about the company.  Quotes " Culture has become the undercurrent of every organization's reality. And if you don't recognize it, you're going to be blindsided by it." " My observation and my personal experience that the way we led as leaders 20 years ago that worked for us, doesn't work today." " I think it would just be much more healthy if we let boards be boards of directors where more of their energy is on the direction piece rather than the protection piece." " Have enough time for people to learn the job, the organization, and really add value, but not so much time that they become stale."   Links OrgHealth The Imperfect Board Member Guest Bio Jim Brown is an author, speaker, and board governance advisor with over 30 years of experience helping boards and CEOs build healthier organizations. He co-founded OrgHealth in 1995, a consulting firm dedicated to improving board and leadership performance through culture, clarity, and accountability. His book, "The Imperfect Board Member" (2006), became an international bestseller. He currently serves on several boards, including Vanquish Hockey, Amgine Technologies, and previously served on boards for The Global Leadership Network and SigmaDek. His upcoming book, "The Imperfect CEO" (2026), explores how leadership and workplace culture continue to evolve in today's rapidly changing environment.

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Jamie Green, co-founder and CEO of Tutaki,  an AI-powered workbench designed to make board directors significantly more effective.  Drawing from his background in consulting at McKinsey, Green created a technological solution to solve a widespread challenge in board rooms across the U.S. and abroad: information overload and limited time to prepare. Tutaki is an AI system that acts as an expert co-pilot to help directors surface context, identify risk and deliver impact.  Jamie also shares how AI is reshaping governance, what it means for liability and independence, and where the future of boardrooms may be headed. Key takeaways Problems with board overload During his time as a consultant at McKinsey, Jamie would deliver 300-page strategy decks to board members 48 hours before a meeting  Directors would arrive unprepared, leading to conservations about updates and recaps rather than strategic discussions. The lack of preparation risked slow decision making and stifles innovation. 2. New Zealand boardrooms  Jamie, based in New Zealand, said board practices in his home country are similar to the U.S. but New Zealand directors tend to have a wider board portfolio — some are on as many as 8 boards.  New Zealand has shifted to increase liability for board directors to hold them accountable for reading all board materials. If the business is impacted by the lack of action by a director, they can be criminally liable.   3. Practical pain points that led to Tutaki Information overload: directors are expected to digest hundreds of pages, news articles, and compliance documents across multiple boards.  Contextual awareness: recalling what was decided three months ago or tracking delays in projects across several meetings often requires wading through thousands of pages.  Portfolio management: professional directors often sit on 5–8 boards, making it difficult to organize materials, track follow-ups, and maintain oversight across them all. 4. AI as a co-pilot, not a replacement Tutaki is used to aid directors with meeting preparation by analysing board materials, delivering internal information, relevant news reports, competitor updates and deep dive reports. While Tutaki might suggest functions by providing certain information, Green said that the AI serves as a tool and the person using it is still liable The AI tool is meant to help directors spend more time doing critical thinking and being effective in meetings by being prepared with the context of the material.  Quotes "We help you do the thinking, but the thinking is still yours, and ultimately that's the end game." "I  think the power of all this stuff is getting you the context in the way that's meaningful as opposed to just dumping hundreds of pages of information that you have to sift through." "If you had an AI tool listening to every conversation you had, every email, every document for the last three years on this board, I guarantee it would be a pretty damn good director."   Links Tutaki  Guest Bio Jamie Green is the co-founder and CEO of Tutaki, an AI-powered workbench designed to make board directors radically more effective. Drawing on his background in strategy consulting at McKinsey and hundreds of conversations with chairs and directors, Jamie built Tutaki to solve one of the boardroom's biggest challenges: staying on top of exploding information, tightening compliance requirements, and limited time to prepare. Today, directors from over 100 organisations across APAC, North America, and the UK use Tutaki to transform how they prepare, engage, and make decisions.   Jamie is pioneering a new model of "augmented directorship," where AI acts as an expert co-pilot to help directors surface context, identify risk, and deliver 10x impact. With experience across governance, AI product design, and startup leadership, Jamie is at the forefront of the movement to reshape how boards operate in a world defined by complexity, liability, and technological change.  

In this episode of On Boards, Dr. Keith Dorsey an executive coach, author, active board member, and expert in leadership development and corporate governance. joins hosts Joe Ayoub and Raza Shaikh  His book, The Boardroom Journey: Practical Guidance for Women to Secure a Seat at the Table, provides insights and strategies for women aspiring to become board members.  Keith holds a doctorate in Organizational Change and Leadership from the University of Southern California and serves on multiple boards including Vimly Benefit Solutions, Pacific Crest Trail Association and Pepperdine University's Graziadio Business School. He discusses his research-based concept of "optimal diversity," which couples demographic diversity and diversity of thought.  His work has been widely published including the Harvard Business Review, MIT Sloan Management, Forbes and Fast Company.    Key takeaways 1.Keith's life in 3 chapters Keith started his career in the U.S. military and the Air Force, followed by nearly 30 years working in corporate America. In 2019, he went back to school to get a doctorate in organizational change in leadership from the University of Southern California. Now, he serves as an executive advisor to lead corporate leaders to optimize boardroom practices.  2. What is optimal diversity? While getting his doctorate, Keith started to research the lack of gender and ethnic diversity on corporate boards. He discovered the concept of "optimal diversity" - the combination of observable diversity and/or demographic diversity along with diversity of thought. This idea encourages people to reflect beyond their observable traits and dive deeper into how their lived experiences and perspectives can contribute to diversity.    3. Pre-vetting: It's about who knows you, not who you know  Keith found through his studies that executives who serve on boards, were very often seated through their network. When it comes time to recruit another board member the question that is often asked is: "who do we know." When it comes to joining a corporate board, it's about who knows you and understands your experience and skills. In addition to giving your "autopilot intro" while networking, he encourages aspiring board members to take a few extra seconds to go beyond the details of your day-to-day job and tell them what you're looking to do.     4. Five different "capitals" Keith's book dedicates a chapter to each type of capital: human, social, cultural, director, and commitment. During his research, Keith found that women often take the approach of presenting themselves as exceptional executives but not as exemplary board members. He encourages people to optimize their human capital. During board interviews, exhibit the type of behavior that they would want to see in the boardroom.   Quotes  " Optimal" diversity forces people to really reflect and to think about the things that make who they beyond just their observable demographic traits, including their lived experiences.   "It's best to look out the front windshield and be able to say what's beyond that S-curve and that sharp right curve ahead by asking thought provoking questions based on your human capital…instead of looking through the rear-view mirror and shouting your praises."   " Figure out who you are and what your superpowers and secret sauce actually are and then incorporate that in a way of getting your name out there so more people know you than you know"   Links https://www.boardroomjourney.com/ The Boardroom Journey: Practical Guidance for Women to Secure a Seat at the Table How Board Sourcing Approaches Contribute To The Corporate Diversity Problem—And What To Do About It   Guest Bio Dr. Keith D. Dorsey is a researcher, author, advisor, and active board member focused on issues of diversity, governance, and strategic growth for private and public corporate boards. His recent research examined women executives' pathways to securing corporate board seats, yielding powerful insights about the barriers and facilitators unique to women candidates seeking these positions. His book, The Boardroom Journey: Practical Guidance for Women to Secure a Seat at the Table, combines his research insights with his extensive executive, board, and industry experience. He speaks on topics related to governance and navigating the path to the C suite and boardroom. As an executive advisor, he is focused on increasing Optimal DiversityTM within corporate senior management, executive, and board-level roles.  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaik welcome Suzanne Brown, Director of New York Stock Exchange Board Services. She shares her unique career journey from law and the nonprofit world to board placement leadership at the New York Stock Exchange.  Suzanne unpacks how NYSE Board Services was created to bridge the gap between talented board-ready individuals and the NYSE companies that need them. Suzanne also explains their unique "CEO-vetted" approach, the powerful influence of the NYSE brand, and the structural components that make their board placement program effective and trusted. Suzanne leads an extensive network of over 1,000 CEO-vetted candidates.  The service averages 2 board searches a week for NYSE listed companies and since 2019 has helped place 50+ professionals on corporate boards.    Key takeaways 1. NYSE Board Services background NYSE Board Services was created in response to an obvious but under-addressed problem: many qualified candidates were being overlooked for board roles due to lack of network access, not lack of ability. The service is free for NYSE listed companies. Every candidate that enters the NYSE Board Services network has been vetted by the CEO of a listed company, who personally nominated them. The Board Exchange connects C-suite professionals with board opportunities, focusing on readiness, visibility, and long-term support. The program is made of 3 C's: Council, Candidates and Companies. The council is made up of a group of 24 prominent NYSE CEOs, the program has over 1,100 candidates and there are 2,400 companies with which the NYSE has built longstanding relationships. 2. Education is core to board readiness Suzanne explains that many of the candidates are first time board members. The NYSE Board Services team personally onboards each candidate and helps them prepare their profile and present their background, skill set and industry focus.  Candidates are also offered education through webinars and panels on topics such as global trends, governance, board culture, etc. All services are free of charge.  3. Board tenure is rising, CEO tenure is shrinking The average tenure for a board member has increased from 8 to 10 years and continues to increase while the turnover rate for CEOs has gone down to 4.8 years as of last year, the lowest ever. The board holds the continuity, but Suzanne encourages startup and pre-IPO companies to proactively set board term limits and retirement ages. This removes the need for awkward conversations years later and helps institutionalize clear expectations for rotation and rejuvenation. 4. Future of NYSE Board Services Suzanne's vision for the program is that every nom/gov of an NYSE-listed company will reach out to NYSE Board Services to refresh their board because the service is high-quality, high touch and successful.  Quotes "Our defining feature, our secret sauce, is that any candidate in our network has to be CEO vetted, and that means that a CEO of a listed company just has to personally vouch and stand for that person." "We're a trusted resource. It's a natural extension for listed companies to look to us."  "Part of what we do is make sure that our candidates… are aware of trends and understand what it's like to be in the boardroom, which is a unique culture." Links nyse.com/board-services Guest Bio Suzanne Brown is the Director of NYSE Board Services, an exclusive resource dedicated to connecting highly qualified board candidates with NYSE-listed companies. She partners closely with CEOs and Board Directors to enhance governance practices and strengthen board leadership. Suzanne leads an extensive network of over 1,000 CEO-vetted candidates, facilitating strategic matches between talented individuals and companies in need of fresh board perspectives. Since 2019, NYSE Board Services has successfully placed 50+ professionals on corporate boards.  A Phi Beta Kappa graduate, Suzanne, earned a B.A. in History from the University of Vermont and a J.D. from Cornell Law School  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Raffaela Rein,  a seasoned entrepreneur and board member with expertise in frontier technology and innovation-driven leadership. Raffaela began her career as an analyst at BlackRock, and launched three companies for the world's largest incubator, Rocket Internet, across China, Australia, and Taiwan before becoming an entrepreneur. She serves on multiple corporate and private equity-backed boards, including Porsche, Mutares and International University IU. As the founder of WildWildVentures and CareerFoundry, she has scaled startups to 120-plus employees and advised many venture-backed businesses. Raffaela serves as a board member for the German startup Verband, where she helps improve legislation for startups. Raffaela was named one of Forbes top women in tech, and she is among Europe's most influential women in startups and venture capital. She has built a career at the forefront of business reinvention. Raffaela discusses her entrepreneurial journey as founder of BoardLens a new AI tool she is developing and how it will transform the future of board meetings and excellence in board members.  Key Takeaways 1. Board effectiveness Only 30% CEOs rate their boards as effective. With an expectation that board members come to meetings well prepared, Rein recognizes that board members are tasked with consuming hundreds, and often thousands, of pages of information in preparation for meetings. It is an almost impossible task to complete a thorough review especially if you are if you have a full time job.  In Germany, it's common for board members to hire consultants or a 'chief of staff' that will help them with their board responsibilities. Raffaela is creating a tool that will serve a similar role for board members worldwide. 2. How BoardLens can transform board meetings Raffaela anticipates launching BoardLens in mid-2025. It is an AI driven tool that is built to aid board members with meeting preparation, research, executive summaries, questions and risk analysis. It is meant to support board members while enabling members to fulfill their fiduciary duties and make a meaningful contribution in board meetings.  Raffaela likens BoardLens to hiring a personal Goldman Sachs analyst. It is trained with proprietary data and that will enable it to act, think and analyze like a board director.  3. Human edge is still crucial While AI can process vast data and respond quickly, human directors can provide intuition, pattern recognition, and emotional intelligence—skills developed through lived experience that are essential in nuanced decision-making. As technology advances, AI is bound to replace some human roles but to maintain the balance between AI and humans, Rein suggests thinking about how people are able to provide a unique and individual perspective to issues on a board's agenda. 4. Privacy and confidentiality concerns Uploading board packets into non-enterprise AI tools can be a confidentiality risk. BoardLens, however, will be trained to only read one organization's board materials and will not cross share data. Rein explains that the company's IT department will be able to access the software's security suite. Quotes "Here in Germany we have this system that you can get a consultant or chief of staff who actually helps you, not just with your preparation, but also with thinking things through deeply, doing deep market research, basically doing weeks and weeks of work to help you prepare for a board meeting." "I don't like the word 'Copilot' for BoardLens because it feels too passive. I like the word "analyst" because if you think of a Goldman analyst, they will do their best to really make you shine and to prepare you, so you should think of it as an analyst that fights for you."  "The breadth of expertise and the breadth of knowhow you need to have and need to gain very rapidly as a director these days is significant and has accelerated dramatically in the last five years." Links raffaelarein.com https://boardlens.ai/ https://www.pwc.com/us/en/services/governance-insights-center/library/board- effectiveness-and-performance-improvement.html Raffaela Rein Bio Raffaela Rein is a seasoned entrepreneur and board member with expertise in frontier technologies and innovation-driven leadership. She serves on multiple corporate and private equity-backed boards, including Porsche, Mutares, and the International University IU. As the founder of WildWildVentures and CareerFoundry, she has scaled startups to 120+ employees and advised venture-backed businesses. Named one of Forbes' Top Women in Tech, Capital's 40 Under 40, and among Europe's most influential women in startups and VC, Raffaela has built a career at the forefront of business reinvention and innovation driven leadership. She began her career at BlackRock and launched three companies for Rocket Internet across China, Australia, and Taiwan before becoming an entrepreneur.

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Lynn Clarke, an experienced leader in family board governance who has served on more than a dozen family and private equity-backed boards including as an independent chair and lead director. Lynn is also a strategic advisor and mentor and has served on boards spanning from beverage and food services to e-commerce and manufacturing.  Lynn has mentored next generation board members and leaders throughout her career and  was named the Private Company Director of the Year by National Association of Corporate Directors in 2022. She also serves as one of three judges for Deloitte's best managed private company awards program.   Key Takeaways 1. Interviewing for a board role With years of experience serving on boards, Lynn advises aspiring board members to carry a passion for the business, its products and what the company does. It's important to understand why you want to serve on a board, what value you add and what new perspectives you believe you will bring. She advises to make these points clear when you are interviewing for a board seat.  2. New boards vs. existing boards Newly formed boards offer a unique opportunity to build the culture, rhythm, and structure of governance from the ground up, but its success is dependent on the principal shareholder(s), who will define the culture of the board and company. Shareholders set the tone. 3. Knowing when it's time to leave a board or offboard a member Having the self-awareness is key to knowing when it's time to leave. Lynn suggests asking yourself, "am I still a good fit?" and "do I like what I'm doing on this board?", "Am I enjoying the discussions at the board meeting?", "Do I feel as though I am contributing to the growth of the company?" If the answers are no, maybe you need to consider stepping out.  Offboarding a member is one of the challenging aspects of board governance, especially in close-knit or long-tenured groups. It requires direct but respectful conversations from the lead director, board chair, or governance chair.  Whether a board member is being asked to leave due to performance issues or company changes, Lynn recommends treating it like a celebration and acknowledgement of the person's service on the board, almost like a retirement.  4. Board evaluations make it easier to provide ongoing feedback Even private and early-stage boards benefit from formal assessments. Annual board effectiveness and peer evaluations help surface underlying issues in board dynamics and performance. Peer evaluations can be sensitive for company boards, so Lynn suggests introducing different types of evaluations in parts.  Quotes "ABARTA Coca-Cola was one of the first family-owned businesses I know to really think about independent governance. There were a majority of independent directors on a board, had a high quality strategic plan that is really a living, breathing document and a good family council or an ownership council. Those are the three things that take a business from Gen 1 or 2 into 3, 4, 5, 6, and beyond."  "I take my commitments to the companies and the families that I work with 100% seriously the same way that I did in running a company or working for a Fortune 50.  When you join a board, you are committed to that organization. You're a fiduciary. Why would you do this unless you really wanted to help make an impact, and the only way you can make an impact is to take what you do seriously."   "The first thing you need to think about when you've been approached about joining a board: can I really make a contribution? I also think passion for the business is really important, passion for the product, the service and what the company does is really important." " It's important when you're on a newly formed board to think about what you know from boards that have been around for a while, and how you apply those learnings to help support the formation and the development of the new board." "Do I enjoy the conversations? Am I feeling like it's a good fit?" And no matter how many years you've been on the board "do you like what you're doing?"   Links Four Key Questions to Ask Yourself How to Be an Exceptional Director Board Refreshment — When Is It Time? getonaboard.com   Guest Bio Lynn has extensive experience in family board governance, having served on more than a dozen family and PE boards as Independent Chair/Lead/Director. She also is a Strategic Advisor & Mentor to Family Board Chairs for Vitamix and for a Coca-Cola Bottler. And Lynn has mentored next generation board members & leaders. Her industry experience spans CPG, beverage, food, food service, e-commerce, digital, retail, manufacturing,and supply. She currently serves as an Independent Director on several boards, including Vollrath Manufacturing, Just Born (the PEEPS company), Basic American Foods and Kalsec Global Flavors. As an executive at PepsiCo, Lynn gained expertise in corporate strategy, operations, manufacturing, brand strategy, marketing and sales. She was named The Private Company Director of the Year by the National Association of Corporate Directors in 2022. Lynn also serves as one of three judges for Deloitte's Best Managed Private Company program and frequently speaks and writes on effective family business governance.  

In this episode hosts Joe Ayoub and Raza Shaikh welcome Susan Leahy, the founder of Robert's Rules Made Simple. Susan has trained and advised thousands of board members, board chairs and others on how to master Robert's Rules of Order, to help lead and participate in productive meetings.    Key Takeaways 1. History of Robert's Rules of Order  Robert's Rules of Order is a decision making process developed in the 1800s by General Henry M. Robert, who was frustrated by disorganized meetings. Roberts created a guide, first published in 1876, which summarized and simplify parliamentary procedure to make understanding how to run an effective meeting accessible to everyone.  It has, over the years, evolved into a detailed 700-page reference guide.  2. Susan's journey to Robert's Rules  Leahy was first introduced to Robert's Rules when she and her mother enrolled into a local junior college course to learn about how to run   an effective meeting. At that time, Leahy's mother served on an all-male city council board and found that during the meetings, discussions and decisions weren't clear. Understanding Robert's Rules gave her mother confidence in the meetings  and she was able to find her voice and she was able to be of service " and she was able to find her voice and she was able to be of service." Susan began using Robert's Rules in high school and at college in connection with student government and became known for running effective meetings  3. The value of effective board meetings   Robert's Rules of Order increases the likelihood that meetings will be productive. At its core, the Rules are about promoting clarity and action. By following the Seven Fundamental Motions of Robert's Rules meetings become more productive Robert's Rules is only used to handle the business of meetings, not the entire meeting. Once board members learn the basics,  then the board's productivity increases exponentially. Robert's Rules are intended to provide everyone in the boardroom with a "common language" to help foster productive discussion and decision-making regarding the business of an organization. 4. The role of a parliamentarian in board meetings A parliamentarian is a resource for the chair, ensuring meetings stay on track. The chair ultimately makes the final decision but can consult with the parliamentarian whenever needed. Quotes  "When you are on a board, you're either handling information items or business items, and when it comes to the business of a board, everyone on that board needs to understand the decision making process they're using in order to be productive and drive action."  "You do not need to be a parliamentarian to use Robert's Rules of Order. It is a reference guide there to support you in making business decisions.  That's important because if people do not have a common understanding about how you're making business decisions, it's can create tension, mistrust, frustration - and it's going to waste a lot of time"  "What we do is put an emphasis on providing training that's going to make us more high functioning. How are we going to not just get it "right" how are we going to be healthy?  And that's why I focus on healthy board dynamics and using Robert's Rules of Order as a tool to leverage a healthier dynamic on your board."   Links Robert's Rules Made Simple   Guest Bio Susan Leahy, MA CSP, is a dynamic and highly engaging speaker, trainer, and facilitator specializing in board development, leadership, and effective meetings. As the founder of Robert's Rules Made Simple, established in 2004, Susan has empowered thousands of board members, board chairs, and support staff to master Robert's Rules of Order, transforming meetings into productive, efficient, and empowering experiences. A sought-after expert in communication, leadership, and group decision-making, Susan has worked with organizations of all sizes—from nonprofits to Fortune 500 companies and government entities. She is the creator of the acclaimed "Chair a Meeting with Confidence" program, designed to help board chairs lead with clarity, authority, and ease. With a Master's degree in Applied Behavioral Sciences from Bastyr University, Susan combines deep expertise with a refreshingly engaging approach. Her unique background—being raised by a professional clown and a career Marine—shapes her signature style: energetic, impactful, and highly memorable. She has a rare talent for making even the most complex or dry topics both accessible and engaging, leaving her audiences empowered and inspired.  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Tom Rosedale, a partner at the law firm of Nutter McClennen & Fish.  Tom serves as chair of the firm's Corporate and Transactions Department and is a member its Executive Committee.  Tom has 27+ years of experience as a corporate attorney and regularly advises public and private company boards of directors in tech, life sciences and more. He has also served on the board of directors of multiple companies including Caring Cross,  Vector BioMed, and AMD Global Telemedicine.  The discussion with Tom underscores how evaluation processes can enhance accountability and productivity and address underperforming board members in a constructive manner. Key Takeaways Introduction of a board evaluation process Tom discusses a company with a board of directors with strong members but with members who were distracted, unengaged and unprepared in meetings. A new lead director pushed for change and asked Tom to work with him to develop and implement a peer evaluation process. The evaluation process was very well received, it included rankings of each board member, written feedback and questions on the functionality of committees. It had major impact on the function of the board and, ultimately, board composition.  2. Addressing board member underperformance Boards should apply some form of structured evaluation to regularly address performance issues and avoid abrupt dismissals.  3. Encouraging board diversity to improve strategic oversight A board composition that includes a diversity of perspectives whether by age, background, expertise or otherwise improves strategic oversight and innovation. Adding new members to the board as the company grows, changes, faces new challenges brings in different perspectives and approaches that will allow the board to perform at a high level.  4. Board and shareholders impact on executive compensation  Company executives used to receive compensation in the form of stock options but now many corporations are issuing stock, RSUs and guaranteed bonuses. Compensation amounts have increased exponentially over the last few decades, even though there is an increased focus on it.  When it comes to executive compensation, board members need to remember that their role is to represent shareholders and to make the right decisions on behalf of the company.    Quotes "The evaluation process works well when there's a culture of accountability and no surprises." "Ultimately, board members must prioritize representing shareholders and making decisions in their best interests." " If shareholders feel that a board is approving compensation or not holding people accountable for poor performance, then shareholders should vote for other board candidates." "The best functioning boards are the boards that don't stagnate. It's boards that don't have all 65-year-old guys who come from the same industry." Guest Bio Tom Rosedale chairs Nutter McClennen & Fish's Corporate and Transactions Department and is a member of the firm's Executive Committee. He primarily advises clients on public and private company securities law matters including public offerings, ATM transactions, registered direct offerings and equity lines of credit (ELOCs)), mergers and acquisitions (public and private), venture capital transactions, and general corporate matters. Tom also represents family offices with their many diverse legal needs. He regularly advises public and private company boards of directors and clients on executive employment matters and incentive compensation arrangements. Tom also serves as outside general counsel to clients in various industries. Prior to joining Nutter, Tom founded and served as the managing member of a boutique corporate law firm for 19 years. Before that, he served as Associate General Counsel of CMGI, Inc. and Vice President and General Counsel of AltaVista Company.  Tom founded and co-founded several companies, including Corporate Filing Solutions (sold to Northwest Registered Agents), PackageFox (sold to Lojistic), Newfound Research, and Top Shelf Dog. He has served on the board of directors of multiple companies, including Caring Cross Inc., Vector BioMed, AMD Global Telemedicine (sold to Unidoc), Top Shelf Dog, Red Systems (dba Delegated.com and sold to Zirtual), and Newfound Research.  

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Andrew Sutton, an attorney with the law firm McLane Middleton and an expert on AI ethics and the use of AI in law. As a founding member of his firm's AI practice group, Sutton brings his knowledge of AI to this discussion of the ethical, legal and governance aspects of AI.  As AI continues to gain prominence, boards will have to consider how they can incorporate AI into companies and in the boardroom. Our discussion dives into the management of AI, implementation strategies and how to develop trust in the AI system.  Key Takeaways 1.    Andrew Sutton's background in AI From building computers to founding an artificial intelligence group at McLane Middleton, Andrew has always been a tech enthusiast. His work spans a variety of areas, including cybersecurity, privacy, and AI's role in corporate strategy. 2.    AI in the boardroom Andrew emphasizes the importance of boards addressing AI proactively as technology continues to evolve. Companies must be prepared to discuss the implications of AI implementation at the highest levels, especially given the growing expectations from stakeholders. AI is already embedded in everyday tools, cell phones and Internet browsers to name a coup-le of obvious places, but boards must become much more intentional in how they use generative AI. 3.    AI governance and organizational structure A "top down approach" is key when it comes to AI governance. Boards should be collaborating closely with technology teams, consultants and managers to create clear policies and strategies for AI.  Governance will require the coordination between various departments and committees to cover risk, business and IT. Some companies are appointing Chief AI Officers to drive implementation. 4.    Building trust in AI implementation Companies need to create a robust structure with an AI model limited to company data and a person confirming the accuracy of the system's outputs AI models need to be well-maintained and frequently tested to ensure there are no biases or hallucinations.  Quotes "Taking that first step really needs to happen now, and that should be the emphasis for every board because I believe that the shareholders are expecting that the boards are going to be on top of this." " AI is different because it changes the way that people work. It changes how human capital is deployed by adding a degree of automation into processes that were otherwise knowledge and education based and human decision oriented." "If you're not moving forward with this, you risk being left behind. It is transformative in a way where in 5 or 10 years you might not be a relevant player…"  "An important part is having a robust structure in place that allows you to trust the AI… If you know that your data is good and your AI is limited to your data, and your model is tested and regularly maintained, then you can have confidence that what's coming out of the AI is probably accurate." Guest Bio Andrew Sutton is a founding member of McLane Middleton's Artificial Intelligence Practice Group with work experience that includes Artificial Intelligence policy and ethics, the use of Artificial Intelligence applications by employees; acceptable use policies, Artificial Intelligence deployment/strategy, Artificial Intelligence application assessments, consumer protection concerns, robotics and the deployment of Artificial Intelligence technologies in the physical world. Andrew's experience also includes cyber security, privacy and corporate work including complex transactional and real estate issues.  Andrew is a co-author of AI and Ethics: A Lawyer's Professional Obligations which is included in the American Bar Association's publication Artificial Intelligence: Legal Issues, Policy, and Practical Strategies published in 2024. He is a founding appointee to the Massachusetts Bar Associations Artificial Intelligence Practice Group and a member of the Boston Bar Associations Senior Associates Executive Steering Committee. Andrew regularly presents to local and national audiences regarding matters involving the ethical use of artificial intelligence and the use of artificial intelligence in connection with the practice of law.  Links Corporate Governance Institute: Guide to AI in boardroom decisions Artificial Intelligence: Legal Issues, Policy, and Practical Strategies

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Dr. Angela Jackson, founder of Future Forward Strategies, an award-winning social entrepreneur, a global C-Suite executive, and an experienced board member. She discusses the board's role in holding leadership accountable for "people strategies" and ensuring companies remain competitive in a rapidly evolving business environment. Her new book "The Win-Win Workplace: How Thriving Employees Drive Bottom-Line Success" will be published on March 11, 2025 and will be available from all major book retailers. Key Takeaways 1.    Workforce Wellbeing as a Strategy: ○     Dr. Jackson emphasizes the importance of viewing employee wellbeing as a core business strategy rather than just a set of HR policies, noting that companies with high employee wellbeing see 23% higher profitability and 43% lower turnover. 2.    Board Oversight and Accountability: ○     Boards should regularly evaluate metrics such as employee engagement, retention rates, and turnover costs, and tie executive compensation to key people-related outcomes. 3.    The Role of Inclusion and Investing in Employees: ○     Despite changes in external policies, companies should maintain their commitment to inclusion to foster trust, reduce risk and drive business outcomes ○     Staying proactive on workforce sentiment helps companies respond to potential risks before they escalate. 4.    Grow Your Own Deep Talent Bench  Strategy: ○     Developing internal talent pipelines reduces turnover by 40%, increases employee engagement by 20%, and builds a more resilient organization. Companies prioritizing internal mobility fill 63% of open roles internally and are 2.2x more likely to outperform competitors. 5.    Mitigating Workforce-Related Risks: ○     Dr. Jackson highlights how companies can reduce legal risks and avoid reputational damage by staying consistent with core values and policies.   Quotes "At its core, DEI was about creating workspaces where people could actually show up, be their best selves, and contribute. I'm not going to die on the sword of an acronym, but we must maintain that spirit." "Keeping our finger on the pulse of employee sentiment is going to be more important than ever. When there's uncertainty at the highest levels in the country, that trickles down to the day to day." "Win-Win Workplace strategies protect companies from workforce instability, reputational damage, and labor crises in a tight labor market." "When employees love where they work and what they do, they tell everyone. They are our first customers if you're doing it the right way." Guest Bio Dr. Angela Jackson is the founder of Future Forward Strategies, a labor market intelligence, design thinking, and strategy firm that helps leaders transform organizations and develop the human capital infrastructure essential for maintaining competitiveness while driving positive impact. With a focus on public, private, and non-profit sectors, Dr. Jackson's work centers on creating innovative solutions for the future of work. As a lecturer at the Harvard Graduate School of Education, Dr. Jackson teaches the next generation of students about entrepreneurship in the education marketplace. She was also the architect of the Future of Work Grand Challenge, a groundbreaking initiative designed to rapidly re-skill 25,000 displaced workers into living-wage jobs within 24 months. Dr. Jackson's expertise lies in crafting a future of work that is inclusive and sustainable. She has shared her insights at prominent conferences such as TEDx, Concordia Summit, Techonomy, ASU + GSV, the U.S. Chamber of Commerce Digital Empowers National Summit, and Black Women Talk Tech. Her work and thought leadership have been featured in outlets including CNN, Stanford Social Innovation Review, Quartz, Harvard Business Review, and more. Links Win-Win Workplace: ​​https://www.readwinwinworkplace.com/

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Lucie Claire Vincent, a global leader in consumer products and an independent board director, to discuss the vital role of risk governance in board effectiveness. Lucie Claire shares insights from her distinguished career at Fortune 100 companies, her experience as an independent director, and her work with the Directors and Chief Risk Officers Institute (DCRO). Lucie Claire also delves into the importance of earning the Qualified Risk Director (QRD) designation and the impact it has on boardroom discussions and decision-making. With her rich international experience and expertise in risk governance, she offers actionable insights for board members and aspiring directors on navigating the complexities of modern board oversight. Key Takeaways The Importance of Risk Governance in the Boardroom: Lucie Claire emphasizes the board's role in overseeing risk, particularly in a fast-changing environment where issues like AI, cybersecurity, and enterprise risk management dominate the agenda. Positive risk governance can shift perspectives from mere risk avoidance to value creation. DCRO's Educational Programs: DCRO's Certificates in Risk Governance and Cyber Risk Governance provide comprehensive, globally recognized training for directors and executives. These programs combine in-depth content, business case analysis, and cohort-based learning to enhance participants' ability to manage and oversee risk effectively. Earning the Qualified Risk Director (QRD) Designation: Achieving the QRD requires a rigorous self-assessment, relevant professional experience, and references, positioning individuals as experts in risk governance. Lucie Claire describes the designation as akin to being a "qualified financial expert" for risk, making QRD holders valuable assets to boards. Bringing Value to the Boardroom: Lucie Claire's certification has enhanced her ability to guide discussions on innovation, stakeholder engagement, and strategic planning with a risk-positive mindset. Her contributions have been particularly relevant in her role with technology and B2B organizations. Who Should Pursue Risk Governance Credentials? Current and aspiring board members, as well as senior executives, can benefit from these programs to build resilience, value, and trust within their organizations. Networking and Continued Learning: DCRO fosters a global community of risk professionals through events, newsletters, and case studies, providing ongoing learning opportunities for its members. Quotes "The concept of positive governance in risk-taking changes how you see risk. It's about value creation and having a more strategic, long-term view of the business." "The diversity of industries, thought, and verticals in my DCRO cohort enriched the conversations. It's fascinating to see how risks are addressed differently across sectors." "Most boards still place the risk component within the audit committee, but as risk becomes more complex, there's a growing need for separate risk committees." Guest Bio Lucie Claire Vincent is an accomplished leader in global consumer products, having held senior roles at Colgate Palmolive and Philip Morris International. She serves on the board of Toluna, advises startups in consumer technology, and is an adjunct professor at NYU's School of Professional Studies. A lifelong learner, Lucie Claire holds multiple governance certifications, including a Qualified Risk Director designation from the DCRO Institute. Resources and links DCRO Institute: www.dcroi.org Women Execs on Boards: https://weob.org

Episode Summary In this episode of On Boards, Joe and Raza welcome Marc Schneider, an accomplished e-commerce and fintech executive with decades of experience building and scaling mission-driven companies. Marc shares his entrepreneurial journey, including his tenure as co-founder and CEO of Zebit, a transformative e-commerce and fintech platform, and his current role as an Operating Venture Partner at Ulu Ventures. The discussion dives into governance challenges in venture-backed startups, the evolution of boards from early-stage to IPO, and how founders can effectively leverage board expertise. Marc also discusses Ulu Ventures' commitment to supporting diverse entrepreneurs and shares insights into his innovative role as an "active" board observer and mentor to founders. Key Topics Discussed 1. Marc Schneider's Career Journey Background and Passion for Mission-Driven Companies: Marc's journey began with his personal experience of financial hardship, which inspired his work at Zebit to provide credit-impaired consumers with fair access to products without interest or penalties. Key Roles: From managing customer service operations at ProFlowers to leading Zulily and founding Zebit, Marc's career has been defined by innovation and scaling impactful businesses. 2. Zebit's Business Model and Mission Zebit's Unique Value Proposition: Providing underserved consumers with fair, interest-free payment options for e-commerce purchases. Challenges: Operating efficiently without typical revenue streams like interest or penalties, while predicting customer payment behavior with data-driven models. IPO Journey: Zebit went public on the Australian Stock Exchange (ASX) to access liquidity, even though the process posed significant challenges, including valuation issues and market unfamiliarity with its business model. 3. Board Governance in Startups Evolution of Boards: Marc discusses the progression of boards through funding stages, from limited investor involvement in early rounds to more structured and diverse boards in public companies. Lessons for Founders: Understand the dual role of investors as board members and stakeholders. Take an active role in shaping board dynamics and agendas. Prioritize chemistry and diverse perspectives in board composition. 4. Ulu Ventures and Supporting Diverse Entrepreneurs Ulu Ventures' Mission: Backing women, minority, and diverse entrepreneurial teams using decision analytics to assess investments. "Active" Board Observer: Marc's role involves mentoring founders, facilitating board discussions, and bridging gaps between management and governance. 5. Lessons Learned and Giving Back Persistence and Adaptability: Marc's reflections on navigating challenges, from startup struggles to delisting Zebit, emphasize resilience. Mentorship and Legacy: By supporting young entrepreneurs, Marc hopes to inspire a cycle of giving back within the startup ecosystem.

In this episode of On Boards, Chris Cuddy, a seasoned executive and board leader with over 25 years of experience growing technology-enabled companies in both the private and public sectors shares invaluable insights into the evolution of a company's board as it progresses through different growth stages.  He discusses how the board's role shifts over time from hands-on support to formal governance. His unique perspective is informed by his extensive career, including key roles in companies like Cheapflights, Engage, and ezCater, as well as his background in consulting, investment, and board leadership. Key Topics Discussed: Stages of Board Evolution in Startups Seed Stage: Founders are often the primary board members, with activities blurred between governance and management. Chris recalls the "early days" of ezCater, likening the stage to "two founders and a PowerPoint." Startup Stage: Boards begin to focus on defining product-market fit and may introduce angel investors. Chris describes his hands-on involvement with ezCater at this stage, from customer calls to financial planning. Growth Stage: The board's role formalizes with the introduction of venture capital. The addition of independent board members and committees becomes essential in order to scale. Chris shares how ezCater's board evolved to support rapid expansion across the U.S. Maturity Stage: The board is now primarily focused on governance, with a clear distinction between board and management roles. Chris reflects on how the board transitions into "maintenance mode." Renewal or Decline: Boards help strategize paths to either reinvigorate or prepare for acquisition. Chris recounts his experience with Engage, navigating challenges during the tech bubble burst. Key Traits of a Functional Board Selecting board members with domain expertise, cultural fit, and a shared commitment to supporting the company. Chris discusses the importance of a highly functional board in advancing a company's mission and creating stability. The Role of the Board Chair Chris highlights the importance of the board chair as a bridge between the founders and board members, ensuring transparent communication and balanced input. He shares insights on the unusual longevity of his role as ezCater's board chair, attributing it to his ability to adapt as the board and company evolved. Unique Challenges and Responsibilities in Early-Stage Boards Chris describes the blurred line between governance and management in the initial stages, emphasizing that board members may often act as extensions of the executive team, especially in strategic, operational, and fundraising efforts. Building the Board with Intentionality Chris emphasizes the importance of selecting investors who bring value beyond capital, often influencing the board's dynamic and direction. Chris and Raza discuss the need for careful vetting of potential investors and board members to maintain a cohesive and effective board culture. Memorable Quotes: Chris Cuddy on the role of the board in the growth stage: "The ambition and time frames often require venture capital, but this step requires serious reflection. 'Will this change the DNA of the company?'" Board dynamics: "A functional board isn't just about expertise—it's about cultural fit and motivation to support the founders and company's best interests." On the board chair's responsibilities: "The chair is a bridge between board members and founders, ensuring transparent communication and insuring that everyone's voice is heard."  Takeaways for Board Members and Founders: Understand the shifting role of the board at each company growth stage. Prioritize a balanced board composition that brings both expertise and alignment with the company's culture. In early stages, board members often play a quasi-executive role, actively participating in operational decisions. For sustainable growth, founders and the board must align on long-term vision, values, and expectations for governance.

Episode Summary In this insightful episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Pam Lenehan, a seasoned board member with over 22 years of experience on public company boards. Pam offers an in-depth look at the evolving responsibilities of boards and their members, including critical areas like cybersecurity, ESG, and CEO succession.   Drawing on her experience across seven public company boards, Pam discusses the increasing complexity of board roles, committee responsibilities, and the importance of a collaborative, learning-focused approach for today's directors. Key Topics Discussed: The Expanding Role of Boards in Risk Management Pam explains how boards are increasingly required to manage a broader spectrum of risks, from cybersecurity and AI to unexpected events like pandemics. She highlights the need for board committees (audit, compensation, technology) to coordinate their oversight on key issues and work with management to stay proactive.   Board Dynamics: Shifts in Meeting Structure and Time Commitments The increased reliance on digital platforms has, among other things, led to voluminous board materials, often reaching hundreds of pages. Pam shares how boards are restructuring their meetings to prioritize discussion over presentation, with a growing emphasis on pre-meeting preparation.   Pam notes how the frequency of both board and committee meetings has increased, with some public company boards now often holding eight or more meetings annually.   Maintaining Collegiality Amid Virtual and Shorter In-Person Meetings As more meetings shift online or the agenda is so packed it leaves little time for social interaction, the value of planned social opportunities, even brief breaks, to foster trust and rapport among board members. Pam's insights on "planned socialization" underscore its role in facilitating effective communication and decision-making. Evolving Expertise on Boards: Moving Beyond Generalists With a growing need for specialized knowledge in finance, industry, and technology, boards are increasingly composed of directors with specific expertise. Pam shares practical advice on balancing specialized skillsets and emphasizes that most board member should still possess a solid understanding of broader governance areas, even beyond their primary expertise.   The Role of the Board Chair and Lead Director Raza and Pam discuss the crucial role of the board chair in ensuring all voices are heard and the board remains aligned. With a diverse array of specialists now joining boards, the chair's leadership is increasingly important to synthesize perspectives and guide effective discussions.   The Influence of Shareholder Activism and Public Company Challenges Pam recounts her experiences with shareholder activists, noting how modern boards must be prepared to engage with sophisticated activist stakeholders. For directors, understanding activist perspectives and strategizing responses requires both diplomacy and transparency.   The Time Commitment of Board Service For anyone considering board service, Pam provides a candid look at the significant time and energy required. Acknowledging that board roles demand consistent weekend reading and adaptability for unscheduled meetings, she advises prospective directors to consider the full requirements of a board commitment before joining a board.   Continuous Learning and Networking for Directors Pam discusses the importance of ongoing education in governance, such as through the NACD, board excellence centers, and director forums. She advocates for cultivating networks with other directors to share experiences and insights, particularly on emerging or complex issues.   Supporting Diversity and Inclusion on Boards A proponent of diverse board representation, Pam shares her efforts to mentor women preparing for board roles. She encourages both current and aspiring board members to seek education and develop networks that enhance board diversity and effectiveness.

In this episode, Christopher Mirabile, Executive Chair of Launchpad Venture Group, explores the pivotal role of boards in startup companies and discusses how boards can be both a critical support system as well as a driver of success. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes "Life is too short to suffer with the wrong people in your boardroom." Startup Boards are different, but still vitally important "Boards have featured prominently in my entire professional life." "When I was a consultant with the strategy group at Pricewaterhouse, ultimately our work was commissioned by boards and delivered to boards, and those board presentations when I was lucky enough to be in the room as a young person on the team were some of the most high-pressure situations that I ever was in professionally and left a real impression on me." "When I got into the startup world, I sort of had to unlearn a certain amount of what I'd learned about boards and moved to the end of the spectrum where boards provide as much mentoring and business value as they do governance." "Startup boards tend to be a little smaller, a little bit more nimble and often the membrane between shareholders and directors is much thinner because you often see meaningful representation direct from the shareholder base on the board." "When you run into resistance from a founder [about a board], it's often really more of an educational journey than a negotiating journey to try to get them to understand the value of a board." Why is a board important for a startup? Your investors want it and you're not going to be able to raise money without it and why would you reinvent the wheel when you can have people who made those mistakes before and can help you avoid wasted time and wasted resources. "A big part of what [we] do is help CEOs understand that …if you go into a relationship with your board, it's sort of like an intellectual partnership where you bring the courage to admit you don't have all the answers and you really seek to draw the wisdom out…"  …If you show me a CEO that's failing, I'll show you a board that's failing to support that CEO properly … Attitude of Startup board members "I don't want to be anywhere near the blast radius of a startup that fails, so I want to make sure that this company is going to succeed…" Feedback to CEO after a Board Executive Session A great way to give feedback after an executive session is: "Hey, let's just do a little case study here. In the meeting, you said this, here's what they heard..." and then it's not an in-your-face criticism, it's just helping them understand how they're being perceived and how their choice of words and their manner of speaking and their style affects the impact of their communications…I think that can be a very effective non-confrontational way to give quick feedback to a CEO.  The Independent Member of a Startup Board "What we're looking for is two things. One is the avoidance of some negatives and the other is certain positives. I'll start with the avoidance of the negatives. We don't want an inexperienced blowhard who has a lot of ego involved in telling people what to do and insisting that their advice be followed, and someone who contributes to a board meeting in a manner which sucks all the oxygen out of the room and makes it super awkward to disagree with them.  We're looking for someone who has a little bit of experience, understands boards are a working thing and that startups are an imperfect science and they're not going to be a disruptive or difficult board member. That's the kind of the key negatives that we're looking to avoid.  In terms of the positives, really, we want someone who understands the industry dynamics, understands the players, knows who the company and the CEO should be talking to, and has that bigger perspective, who can put the day-to-day operational challenges of the company into a broader industry context, and then ultimately make introductions when it's time to find additional investors or exit the company.  So, all we need is a well-behaved genius. It's easy." Training Board Members "Launchpad now has at least 50 portfolio companies and 40 Launchpad members are either in the boardroom as a director or an observer. That's a pretty large portfolio of board members and observers that the group is adding as human value to the companies." Our training consists of three things. ·      One is expectation setting and accountability, ·      The second is we tend to give the newer investors in our group an opportunity to serve as an observer under an experienced board member for at least a year so they get a little bit of a sense of what it's about. ·      The third piece is really traditional training and that consists of training we do before they serve on the board and then ongoing training after they've begun. The training we do before is basically making them read the director's guidebook that Ham and I wrote, which really covers all of the basics, and we go to great pains to say, "No, we really mean it when we say we want you to read this. Don't come to the class if you haven't read it because we'll know." ·      Then we do a class where we give them an opportunity to discuss questions and things that weren't clear from the book and we take them through a whole layer of sort of pragmatic suggestions on how to get that first meeting successful and how to run a good board Overboarding "It's really an issue in the VC world … I think a lot of people draw some measure of professional pride out of being on a board and they can tend to get a little carried away and take on too many board assignments."  "In our experience doing a startup board well, even in a year where it goes pretty well, it's about a 200-hour-a-year commitment." "We do go out of our way to keep them [people with too many board seats] off the board, and one of the reasons we really prefer to lead rounds is because we want to have a hand in building the board and making sure that we're giving our CEO all the resources she or he needs to succeed and putting the right people around our management team." Responsibilities of Boards have expanded dramatically "The basics sort of used to constitute most of what a board did, and now a board has so many other jobs, it's really overwhelming a number of things that we expect boards to do and I think that it not only takes away from some of the time that could be spent on the basics, but it creates a 'whack a mole' kind of a mindset in terms of directors."   Links  linkedin.com/in/christophermirabile  Bio Christopher Mirabile is the Chair Emeritus of the Angel Capital Association and the immediate past Chair of the U.S. Securities And Exchange Commission's Investor Advisory Committee. He is also the Executive Chair of Launchpad Venture Group, a Boston-based venture investment group focused on seed and early-stage investments in technology-oriented companies. Launchpad is top-three ranked group in the U.S. As a full-time angel investor and an active member of the Boston-area angel investing community, in addition to his Launchpad work, Christopher has personally invested in over 65 start-up companies. He was named one of  the "Top Angel Investors in New England" by Xconomy, one of "Boston's Most Helpful Investors" in an entrepreneur survey by Companyon Ventures and is the recipient of the Angel Capital Association's Hans Severiens Award for his contribution to the advancement of angel investing. Christopher has co-authored six books on early stage investing, been a columnist on entrepreneurship for Inc. Magazine, is a co-founder of portfolio management tool www.seraf-investor.com and co-author of the Seraf Compass, a comprehensive web catalog of educational materials about early stage investing, an adjunct lecturer in the MBA program at Babson's Olin School of Business, a regular advisor and mentor to start-ups, and a frequent panelist and speaker. He is a member of the Board of Directors or Board of Advisors of numerous start-up companies and non-profits. Christopher has served as a public company CFO and General Counsel with enterprise software provider IONA Technologies PLC, a corporate and securities lawyer with Testa Hurwitz & Thibeault and as a management consultant with Price Waterhouse's Strategic Consulting Group.

In this episode, Rick Williams, a seasoned executive, advisor, board director, prolific writer - - and the author of the new book, Create the Future, shares his journey writing the book and key leadership takeaways. Rick's core idea in Create the Future is that leaders create the future by the decisions they make Impactful leaders believe they can create the future, and they change uncertainty into hope and possibility. Rick discusses the CTF process of making great decisions for companies and individuals including the importance of board dynamics and how to harness the collective wisdom of a diverse group to make impactful decisions. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes 1.    Journey of Writing Create the Future ·      Initial book concept during travels in North Africa while sitting in a café in Casablanca ·      Wrote the book and refined it with the help of a professional editor. ·      It took more time than I expected to choose the right publisher, Amplify, to bring the book to market. 2.    Overview of Create the Future Create the Future outlines the process and the tools successful leaders use when they must make an important decision - when they must get it right. Rick profiles the Five Step decision making process major consulting firms recommend for making important decisions and brings the tools and techniques to organizations off all sizes. Create the Future is a guidebook for leaders who want to turn their leadership team into a powerful creative engine for defining the challenge, imagining success, creating realistic options, evaluating execution barriers, and finally choosing the path forward.   3.    The Five-Step Decision-Making Process "I spent quite a bit of time on how do you as a leadership team - a board of directors for example - how do you actually go about deciding what you're really going to do." "This book outlines the five steps that we all either instinctively use, or should be using, when we have an important decision to make." ·      Define the real opportunity or threat. ·      Identify what success looks like ·      Be creative about the options. ·      Evaluate execution barriers. ·      Make the final decision.   4.    Factors to be Considered in Decision Making ·      How close do the decisions come to achieving the goals you set?  ·      Where are they in the risk profile in terms of acceptable risk to you or unacceptable risk to you? ·      How do they express the values that you may have as a company owner or your board may have.   5.    Examples and Applications The CTF process makes sure that everybody on the board participates in the conversation, their point of view is heard, and they hear each other talk about it. They hear each other say what they really are trying to accomplish. "We talk about success, which sounds like a simple idea, but the notion of what are we really trying to achieve is one that often we don't spend enough time on." "Value is not created by the ideas we come up with - value is created through execution on the decisions we make." "Often we as board members either don't have time or haven't fully thought through what are the values that we bring to the decisions we make, what are our risk preferences, and also what are the values and goals of other people on our board and how do they factor into this?" In the end, the board will make a decision, and the people who participate in this will say: "You know, I may not fully agree with where we're going to go, but my voice was heard, and I now understand what other people are trying to do and where they're coming from."  Joe: If you have the people in the room, whoever they may be board or otherwise, feeling at the end of the process like their voice has been heard, their ideas have been heard, and at least considered - - that alone is success. Links Here is the link to CTF's website: https://rickwilliamsleadership.com/books/  Here is the link to the book on Amazon Rick's LinkedIn Profile:  www.LinkedIn.com/in/RickWilliams100 Bio Rick Williams is an experienced technology company board of directors' member and board chair. He has chaired the board of a medical device company and a bank/VC firm. Williams is a company founder and CEO and was a management consultant advising clients in a wide variety of industries. He is an internationally published thought leader on board of directors as a value accelerator for the company. His new book, Create the Future, is a leadership guidebook for being more creative and making better decisions for your company and yourself when you must get it right. Rick is past President of the Harvard Business School Association of Boston. He was a management consultant with the global consulting firm Arthur D. Little, Inc. He is a physics graduate of the University of Pennsylvania.    www.RickWilliamsLeadership.com

With an extensive background in policy, advocacy, and corporate governance, Karen shares insights from her roles at Pfizer, iFIT Health & Fitness, and the NAACP.   She recounts her journey to becoming a board member including her experiences during the IPO process at iFIT, and the challenges and triumphs of leading through turbulent times.   Additionally, Karen reflects on the significance of diversity in board composition and the enduring impact of Brown v. Board of Education on the 70th anniversary of the decision.    We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes 1.   First For-Profit Board Experience: iFIT Health & Fitness Karen recounts her journey leading to joining the board of iFIT Health & Fitness, her first for profit board seat, emphasizing the importance of networking and building relationships. She shares how an unexpected opportunity arose from her connections with the Church of Latter-Day Saints and describes the rapid onboarding process and initial experiences as a new board member during a critical time for the company. "You never know who's watching, it came through a relationship." Challenges and Decisions During the IPO Process Karen provides an inside look at the fast-paced environment leading up to iFIT's planned IPO. She discusses the board's decision-making process in response to adverse market conditions and the strategic adjustments that were necessary. The conversation highlights the importance of having a diverse and well-composed board to navigate events that are significant & challenging for a company.  "When you are preparing an S-1, you learn everything about a company very quickly."   "The numbers weren't where they were projected to be at that particular time, and I'm really proud of us because it could have been easy to just buckle down and go forward, but that was not the right thing for the company." Post-IPO Attempt and Company Turnaround The discussion moves to the aftermath of the decision to not proceed with the IPO and the strategies employed to stabilize and grow iFIT Health & Fitness. "What I'm happy to say is that despite the overall industry being at a bit of a downturn, we have come through the worst of it, at least we hope we've navigated through the turmoil and are at a new era." 2.   Work at Pfizer Karen reflects on her 20-year career at Pfizer, where she transitioned from government work to corporate affairs. She discusses her role as Pfizer's first Chief Diversity Officer and the development of a global diversity and inclusion strategy. Leadership During COVID-19 Karen discusses the significant challenges and achievements of Pfizer during the COVID-19 pandemic under the leadership of Albert Bourla. Karen's insights emphasize the critical role of strong leadership in navigating crises and driving impactful results. "I believe to my core that no one else could have gotten that company to have that level of impact in such a short period of time [during the Covid outbreak] other than Albert Bourla and the team that he leads." "Leadership matters" 3.   Role with the NAACP Karen is the Vice Chair of the NAACP's National Board of Directors and provides an overview of her role discussing the organization's mission, structure, and its ongoing important advocacy work. She also reflects on the 70th anniversary of the Brown v. Board of Education decision and its lasting impact on education equality. The conversation underscores the importance of historical context in shaping current and future initiatives for civil rights and social justice. On recognizing the 70th anniversary of Brown v Board of Education in the Oval Office "It is a moment I will never forget and it's not just about being in the Oval Office with the President, but it was being there with these family members who had made so many sacrifices."   4.     Final Thoughts and Takeaways The episode concludes with Karen's reflections on the importance of leadership, diversity, and strategic decision-making in board roles. She shares personal insights from her career journey and offers advice for aspiring board members, emphasizing the value of passion and commitment to the mission of the organizations board members serve.