Securing a Board Room Seat

Last week I had the privilege of guiding a robust member-only discussion with the CMO Collaborative on the topic of How to Approach Securing a Board Position.? My guests were Roxanne Taylor and Mary Egan --both career marketing executives, current Board members, and life-long friends of mine.?

Getting on a Public Board has long been considered a logical next step in C-level careers—CMOs tend to be no different.? But let’s face it, the expectations of directors has continued to rise dramatically as businesses grapple with ever-increasing complexity–geopolitical uncertainty, more onerous SEC requirements, volatile stock markets, cybersecurity, AI, ESG reporting, activist shareholders, on and on.

So before we discussed about how to approach getting on a Board we discussed WHY CMOs might want to get on a corporate board.? It is imperative we are clear on our motivation before we start running down this track.

What is your motivation for wanting to be on a Board?

It is important to articulate why you want a position on a Board.? Being a non-executive director is a significant commitment (with inherent risk) and you have to be sure that it will be a worthwhile investment. What motivates you and brings you joy? A few of the many possibilities include: staying relevant; expanding your network; exposure to different industries, cultures and business models; leveraging your expertise; desire to make a contribution; personal development; opportunity to bring new ideas and experiences back into your CMO role.?

As a panel we agreed one should not do it for the income–the cash compensation tends to be quite small and the stock compensation certainly can’t be guaranteed and isn’t really liquid while you serve.

It is often said that getting on your first Board can be extremely difficult but as a panel we agreed that Boards are far more willing to add first time board members than you might think. You just need to be sure that you come across as a credible executive.

We discussed how CMOs are often not the ones sought after proactively by CEOs, Chairpeople, and Nom & Gov Committees, but that once in the conversation we, as CMOs, can hold our own on as to what value we bring to the Boardroom.? These include, but are not limited to: being the voice of the customer, understanding markets, engaging talent, creating unique value propositions for customers AND employees, GTM plans, scaling, brand building, data-driven insights, innovation and creativity, communications and storytelling.? In reality every Board should have a voice of the customer at the table.

Beyond filling a functional or expertise gap, Boards very much look for critical, broader traits that you will have to demonstrate:?

• Low ego, yet high self-confidence
• Ability to deal with complexity and simplify it down to what is most critical
• Independently minded, yet a team player
• Willing to ask the tough questions in a constructive way
• Conversant in governance practices and fiduciary duties
• Articulate, while being a good listener
• Unwavering integrity and a commitment to ethical business practices
• Ability to make sound decisions based on facts and careful consideration
• Financially literate, with a good appreciation of risk

Other factors that you should consider:

• Be thoughtful about your personal brand–always be honest, kind and direct.? Back channel conversations almost always happen. What do you hope people will say when you aren’t listening.? Maintain your digital brand in an authentic way -but avoid political, social and negative posts/re-posts.? Boards want to manage their risk of who is representing their company
• Position yourself as a business person first with marketing expertise second. Speak CEO language, not marketing language
• Boards have their own cultures.? Make sure that you understand the dynamics as best you can.? Ensure other members have as high integrity as you do (especially the Audit Chair)
• Ensure you understand the structure of the Board
• You want to be more discerning than you might originally imagine. It is more work than you realize so you want to make sure it is a good fit. Consider the location of the Board meetings and ensure their dates work with your schedule
• Rather than trying to find the perfect Public board, consider starting with non-profit boards or advisory roles with PE owned firms or start ups to gain experience

Always be honest, kind, and direct--back channeling happens

What specific actions should CMOs take?

• Networking needs to become a serious, consistent part of your life.? Consider making a personal commitment of spending a certain number of hours per month
• Draft a Board Bio:? One pager. Narrative form. Highlight your top 3 expertise areas that you could bring to a Board??
• Get the support of your CEO
• Make sure you are well known in the community of Exec Search firms and their board practice leaders.? Can a sponsor make a connection?? Consider using your other contacts in the search firms to introduce you
• Consider taking certification classes that cover governance and fiduciary responsibilities for first-time board members
• When speaking to contacts about your desire to be on a board, frame it in a way so they can be of assistance. Eg, your motivation, industries, size of company, top 3 expertise areas you can bring
• When you get to a conversation about a Board role, make sure you understand what gaps the Board is looking to fill, research the company, the board members, the CEO, etc.

In summary, we all agreed that you should think carefully and honestly about both why you want to be on a Board and what you can uniquely offer. Remember this is a journey–one where you will need to be proactive and patient.? Directorship can be an extremely rewarding experience, especially if you are thoughtful and discerning in your approach??