A historically large number of private companies, poor and outdated governance structures, and the first prolonged recession in more than a decade will reveal widespread corporate malfeasance in 2023.
I find the balance of having “adults in the room” for private growth companies to be interesting. It’s important to have a board who has been there before, but that demographic has historically been very old, very white, and very male.
There’s a ton of work to do before that demographic naturally becomes more diverse, but there’s never been an excuse for having people unfamiliar with your industry on your board.
“Has been there before” is the part where I think people make mistakes. They too often think of it as being “has been [CEO/CXO] before” when it should be more often be, “has been [in a strategically/governance relevant position] before.
I find the balance of having “adults in the room” for private growth companies to be interesting. It’s important to have a board who has been there before, but that demographic has historically been very old, very white, and very male.
There’s a ton of work to do before that demographic naturally becomes more diverse, but there’s never been an excuse for having people unfamiliar with your industry on your board.
“Has been there before” is the part where I think people make mistakes. They too often think of it as being “has been [CEO/CXO] before” when it should be more often be, “has been [in a strategically/governance relevant position] before.