The Next Generation?

Where will the next wave of Board talent come from?

CEO’s are heavily sought after for board positions, especially those in the Fortune 500. But as boards elect new members and address the increased complexity in the marketplace, there are only so many CEO’s to go around. Other C-level executives are also important to a well-balanced board but even so, one can't help but wonder where the next qualified pool of corporate directors will come from.

There was a time when the chief information officer (CIO) was an important executive to have on your board, especially as we approached the year 2000. Chief financial officer’s (CFOs) have always been a popular choice, and recently there is more interest in the chief risk officer’s (CRO) skill-set. Even General Counsels have been necessary to boards at times. But the days of senior-level executives taking on countless board appointments are numbered and have been for a while.

Each company needs to take this topic on for itself. What type of executive mix is right for your board? Building the right board means more than seeking out candidates with fancy titles or an impressive resumes.

With current demands in the marketplace and the need to be a true collaborator in the boardroom, time is even more limited for C-level executives. So where do we go from here? Are there other senior executives to consider that board have not contemplated in the past? Chief merchandising officer? Senior vice-president of sales? Executives from the non-profit world? What we do know is that retired executives are being sought after more than ever before. And COO’s are being groomed to be that next class of CEO’s, making them attractive candidates for a board.

There is no clear cut answer. Each company needs to take this topic on for itself. What type of executive mix is right for your board? Building the right board means more than seeking out candidates with fancy titles or an impressive resumes. Finding the right cultural match for a board is just as important as the caliber of individuals.

The right board "blend" can determine a successful future for a company. So when thinking about the next move for your board, will it be a CEO, a CRO, or possibly a Chief Merchandising Officer? It all depends of the needs of your board. Just make sure it is the right fit for you.