Saving the Corporate Board: Why Boards Fail and How to Fix by Ralph D. Ward
By Ralph D. Ward
Ward finds ten particular failings which are outfitted into our boardroom version and offers real-world fixes to get forums again on the right track. Ward mixes tart, insightful analogies (what do forums have in universal with volunteer hearth departments, the U.S. electoral university . . . and Howard Hughes?) with confirmed nuts-and-bolts recommendation for placing any board again on course.
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Extra resources for Saving the Corporate Board: Why Boards Fail and How to Fix Them
Example text
The founder will continue to serve as chairman of the board, though. My question is, how do you pay the separate chairman of the board as a distinct position? A: Although most experts agree that you don’t compensate the board chair as just another member of the board, how (and how much) you should pay a separate chair will depend on how the job came about. An emeritus chair such as yours may be eased out with his previous year’s total pay extended for a brief period. “Usually you pay them the same salary for the rest of the fiscal year,” advises J.
How does your board choose a good fill-in, build an effective relationship, and obtain strong results? What the CEO is expected to do varies greatly by circumstances. Do you need a turnaround artist or a placekeeper while a CEO search is under way? Permanent CEOs need multiyear goals, but “your goals here may only be 2 or 6 months,” says Paul Dinte, head of the Dinte Resources CEO placement firm in Virginia. This means setting few and basic goals, with immediate impact and measures—turn a loss into a profit, unload that division, maintain the current strategy, and so forth.
Yet the latter is growing more acceptable, especially at companies like the one you described, a newer, fast-growing firm where founders and initial investors still hold large chunks of equity. Since you won’t be directly leading the board, your first task is to scope out just what sort of a chair your chair wants to be. “You can’t do enough research on the chair/founder,” advises Larry Stybel of the search and consulting firm Stybel Peabody. “Get a sense of his business maturity. ” Stybel suggests that adding a third leg to the power stool here might be the best approach.