On Boards Podcast Joe Ayoub & Raza Shaikh

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 conclude

Jennifer Jukanovich, a seasoned nonprofit leader with nearly three decades of experience discusses her forthcoming book, The Culturally Conscious Board: Setting the Boardroom Table for Impact, which explores the importance of board culture in achieving organizational success. The conversation addresses a number of important aspects of board governance, including board culture and the critical role of trust and humility.
We love our listeners! Drop us a line or give us guest suggestions here.
Big Ideas/Thoughts/Quotes
1. The Culturally Conscious Board
·      Two important concepts which are emphasized:
o   The significance of board culture and its impact on decision-making and governance, and the role of trust, humility, and hospitality in building an effective board culture.
o   Jennifer’s closing thoughts on the importance of strong board culture in the nonprofit sector.
·      Encouragement for boards to engage in deeper conversations and continuous improvement.
·      Introduction to the "board culture placemat" and its use in facilitating board discussion and b building a strong board culture.
·      Examples of successful practices for building and maintaining a healthy board culture.
"Boards are assets to our society, and our hope is that our book, The Culturally Conscious Board, will contribute to that conversation."  Jennifer Jukanovich
 
Book Reviews
“Sitting on a board is easy. But being a great board member is another matter entirely, especially if your organization needs change. Jukanovich and West show you how to do it with confidence and grace.”
Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author
 
“‘Culture eats strategy for breakfast,’ Drucker said, and most boards don’t explore how their culture either detracts from or advances their mission. This work invites boards to move from habits and traditions that restrict their impact toward deeper examinations to make wise changes and meet the challenges of our day.”  
Robert C. Andringa, Managing Partner, The Andringa Group, and coauthor of Nonprofit Board Answer Book
 
2. Challenges and Opportunities in Board Governance
o   The importance of diverse representation and an inclusive board culture.
o   Practical advice on improving board culture, including transparency, accountability, and feedback mechanisms.
o   Addressing issues such as long-term leadership and the balance between large boards and effective decision-making.
"Humility catalyzes greater trust, whether that is your family or that's a board."  
"Good governance creates health. Good boundaries create healthy culture." 
4. The Critical Partnership between the CEO and the board chair
o   How the board chair can help ensure all voices are heard and foster a culture of openness and respect.

In this episode Michael Talmanson and Dereick Wood discuss the critical importance of D&O coverage for board members. They set the context with a backdrop of Newfront's recent capital infusion led by Goldman Sachs emphasizing the company's innovative approach to combining technology with insurance expertise.
We love our listeners! Drop us a line or give us guest suggestions here.
Big Ideas/Thoughts/Quotes
1.   Background & industry evolution
·      Michael shares his transition from legal practice to insurance, driven by a passion for technology and client service. He discusses how Newfront's technology platform and AI tools modernize the insurance experience, enhancing client's ability to manage and predict risks.
·      Dereick discusses his extensive experience in handling complex D&O claims, underlining the evolution of claims and the increasing magnitude of derivative settlements.
“The differentiator is the information you can provide boards to make informed decisions about their actual losses.”
2.   Newfront’s Innovation & Impact on the Insurance Market
·      Newfront's strategy of blending high-tech solutions with traditional brokerage services to address the needs of a rapidly changing market. Michael highlights the critical role of experts like Dereick in navigating complex claims, underscoring the blend of technology and human expertise.
·      Discussion on Newfront’s "breakthrough" technology which simplifies processes like contract reviews and risk assessments through AI, setting a new standard in the insurance industry.
 
 “Since 2020, seven of the top ten largest derivative settlements have occurred, and the people on my team have been involved in all those settlements”
3.   D&O Insights
·      Comprehensive breakdown of D&O insurance coverage (Side A, B, and C) and its importance from a buyer's perspective. Michael and Dereick discuss practical scenarios and the vital protection D&O insurance provides to board members against potential liabilities and lawsuits
·      Dereick provides insights into recent high-profile cases and settlements, demonstrating the critical nature of D&O coverage in protecting board members during legal challenges
·      Strategic recommendations for board members to ensure adequate D&O coverage, emphasizing the importance of understanding policy details and the implications of board decisions on insurance claims
·      Michael and Dereick providing practical advice to board members on avoiding litigation and ensuring robust D&O coverage. They stress the importance of diverse opinions and backgrounds on boards to enhance decision-making and risk management
 
“No matter what happens from a technology perspective, insurance will always require experts. People like Dereick on the claims side, D&O experts, cyber experts.  People will never be replaced by technology."

Michael Greeley has extensive experience in venture capital and significant board experience across a multitude of investment boards. In this episode, he shares his experience and lessons learned, emphasizing the evolving nature of board governance, the strategic importance of independent directors and the future of healthcare.
We love our listeners! Drop us a line or give us guest suggestions here.
Big Ideas/Thoughts/Quotes
1.     Evolution of Board Composition of investor-backed boards
Changes in the composition of investor-backed boards over the past 25 years, emphasize the need for a broader range of competencies beyond financial performance. The trend is to include diverse perspectives to help mitigate boardroom “groupthink.” "Boards today are very deliberately trying to have the right competencies... Today the pressure on boards is to have a much wider range of expertise; cybersecurity, sensitivity around DE&I issues, and we're seeing that reflected in our term sheets.
 
2.     Challenges in Board Compliance
Discussion on the difficulties boards face in complaining with term sheets guidelines, particularly around independent directors and diversity. "We did an audit... and said, 'How many of our companies actually have complied with that (term sheet requirement)?' And we were surprised, it was probably maybe half or two thirds… and frankly, if I could be just brutally honest, I think there's a little bit of an apathy to address deficiencies of boards."
 
3.     Importance of Independent Directors
The role of independent directors in providing an unbiased 'voice of the customer' to help guide company strategy and product market fit. "The power of that [independent director] is a little bit sector specific but I think it cuts across all sectors, the principal risk we take as healthcare tech investors is around product market fit, and independent directors are the voice of the customers."
 
Governance and Board Dynamics Michael's advocacy for more effective boards and the potential pitfalls of having too many observers or management members “in the room.” "I'm a traditionalist in the sense that the board should not be stacked with management because it is meant to be the body that opines on the strengths and shortcomings."
Future of Healthcare Michael's optimistic outlook on the 'golden age of healthcare' driven by technological advancements, regulatory changes, and innovative business models. "Arguably, the golden age of healthcare is upon us as the sector embraces novel and impactful solutions to improve outcomes and lower the cost of care."

We love our listeners! Drop us a line or give us guest suggestions here.
Episode Description
Nav Singh has held leadership roles at McKinsey's Boston office, including Managing Partner for Boston and Leader of the Global Innovation Practice. After retiring from McKinsey in 2023, he launched a new entrepreneurial venture, called 2123iX.                                 
In this episode Nav’s shares valuable insights on effective board practices, the importance of innovation and technology in governance, and the critical role of diversity in fostering successful organizational leadership. The episode emphasizes the importance of proactive, informed, and collaborative board engagement to navigate the challenges and opportunities of the next century.
Big Ideas/Thoughts/Quotes
 
1.    2123iX - A Century of Innovation
The name 2123iX originates from Nav's retirement year (2023) and his vision to impact the next 100 years. Its focus is on creating a culture and mindset for longevity and innovation and emphasizes patience and quality in building companies that will make a significant difference.
"2123 stands for a 100 years, “I” stands for innovation, “X” stands for scale. The most important thing is: we're in no rush. We want to build high-quality companies over time, we'll be purposeful and take our time doing it."
2. Board Preparation Insights from McKinsey:
·       Importance of thorough and honest preparation for board presentations
·       Engaging discussions over presentations to drive meaningful decisions.
 
"In my mind, a good board discussion preparation requires an honest view of what are the risks, what could go wrong, what are the main issues we're trying to solve...It is that holistic view that in my mind makes a good board presentation and results in a good board discussion."
3. Characteristics of High-Performing Boards:
·       The balance between healthy tension and collaboration between boards and management.
·       The critical role of the board chair in setting a positive, inclusive culture.
·       The necessity of continuous learning and adaptability among board members.
 
“Discussion is much more important than presentation.  Sometimes people become enamored by our presentation and the materials. But its the discussion that you drive, the decisions that you drive that matters the most."
 
"The most important thing is one should be on the same page. People should be on the same team.  People should be working towards the same goals… and there should be some healthy tension, that's good in my mind."
4. Diversity in Board Composition:
·       The impact of diverse perspectives on board strength and decision-making is enormous. Beyond gender and race, diversity includes age, skills, and the ability to learn is critical.
"Diversity is multifaceted and one needs to think about this in a holistic way...The most important thing in my mind is a learning ability."
5. Risk Identification and Management
·       Boards must think beyond the obvious and prepare for future risks. This weighs in favor of a dedicated risk committee to focus on emerging threats.
 
“I think risk is where most boards should earn their living...Defense means, in this case, thinking about what could go wrong...It is not just the identification of risk, what is the abatement plan, who is going to work on that, how do we address it?"
6. AI and Technology on Boards
·       The transformative potential of AI and technology on businesses and governance is almost beyond out imagination. It underscores the importance of having board members with technology expertise and a willingness to stay informed.
7. The Greater Boston Chamber of Commerce - A Model for Diversity
·       In the past few years the Greater Boston Chamber of Commerce board of directors has made a successful eff

Angela Jackson is the founder of Future Forward Strategies, an award winning social entrepreneur, a global C-suite executive and an experienced board member. In this episode Angela discusses joining the board of Needham bank, a mutual bank that took itself public in December 2023, as well as her research – and her vison – of the future of work.
We love our listeners! Drop us a line or give us guest suggestions here.
Big Ideas/Thoughts/Quotes:
1.     Needham Bank Board of Directors and the decision to take the Bank public
Angela discusses some of the reasons that she was interested in joining the Needham Bank Board of Directors. 
 
“The CEO, Joe Campanelli, is really a visionary leader with the strategy to support” 
 
“As a board, when we talked about the reason for going public, this is right after Silicon Valley Bank had folded and we had the banking crisis, and…a lot of banks had put a lot of restrictions on their lending. We all felt – led by Joe, that if we were to IPO at this time, we would actually have more cash to put on the street  to invest in local entrepreneurs and business leaders.”
 
Another reason to go public was around the values behind that. “They [management] wanted to do the IPO so they could invest in an employee stock ownership program, and for me and my work around the future of work, I deeply believe in companies and CEOs who are really seeing their employees as shareholders and the fact that we wanted to use the funds and to ensure that everyone from the frontlines to the C-suite could be an owner in a bank was significant.”
 
“…we looked at building a foundation that we could invest in local communities. For over a century, we had a history as a mutual  community bank, and so we wanted to continue that.  The vision is still how can we be national, but also hyper-local at the same time.”
 
We [the board] were completely aligned with how we wanted to use the money. It was values based to really invest in the community, who we're investing in, the talent and people, and then making sure that we were just being a good neighbor.
 
“… one more piece that struck me when I saw the board listing for Needham Bank…they were looking for someone with HR and human capital experience. If you look at most board listings, that is very rare. Most boards are looking for someone who's been a sitting CEO or a CFO, maybe someone in technology. You rarely see a listing for a human resource person.”
 
 
2.     Ringing the Closing bell at NASDAQ
“It was an exciting moment for all of us.”
 
“We're based here outside Boston in Needham and we're going to go to New York for the NASDAQ…We thought, how are we going to get everyone from the bank to New York, and so they came up with the idea that we're going to take these coach buses from Needham Bank, and it would travel to New York.
 
“Now, you would think any bank CEO who's deciding to do this, maybe they would fly in, and they would be there to meet everyone. Actually, Joe Campanelli jumped on the bus with everyone else, shoulder to shoulder, to make that five-hour plus journey to New York and to take it back to be there.”
 
“The enthusiasm, the camaraderie, it was really the feeling of what had happened, that we did this, from the front lines to the C-suite, it was because of the effort of the people in the bank that were all customer facing, some that are internal, that made this moment happen, it was amazing.”
 
3.     Board Practices
“One thing that I appreciated as I started out [as a new board member] is that we have full access to management, and we're encouraged to have a relationships with them.. If we have a question, we are comfortable going to them. And I think that transparency and access is key to really understanding what's happening and how we can best advise as a board.”
 
4.     Decision making on the Needham Bank board
I've been im