Friends,
Lesson 2: At board meetings, put strategy center stage
The board has been heavily involved in strategy formulation with me, and we have a better strategy because of it.—Bill Nuti, chairman and CEO of NCR
The way CEOs work with their boards has changed fundamentally during the past year. In tough times, difficult decisions must be made quickly, so it’s not surprising that many CEO find themselves communicating more regularly with the board to keep it abreast of developments. Full board meetings have been supplemented by letters, e-mails, intranet postings, informal discussions, and conference calls. At Cardinal Health, “board updates”—conference calls held as frequently as every two weeks—address questions from board members. “They weren’t board meetings. There were no minutes. No one was obliged to attend. But it was very helpful,” says Clark, who sees the updates as an efficient way to address individual concerns and increase confidence in the management team.
Lesson 2: At board meetings, put strategy center stage
The board has been heavily involved in strategy formulation with me, and we have a better strategy because of it.—Bill Nuti, chairman and CEO of NCR
The way CEOs work with their boards has changed fundamentally during the past year. In tough times, difficult decisions must be made quickly, so it’s not surprising that many CEO find themselves communicating more regularly with the board to keep it abreast of developments. Full board meetings have been supplemented by letters, e-mails, intranet postings, informal discussions, and conference calls. At Cardinal Health, “board updates”—conference calls held as frequently as every two weeks—address questions from board members. “They weren’t board meetings. There were no minutes. No one was obliged to attend. But it was very helpful,” says Clark, who sees the updates as an efficient way to address individual concerns and increase confidence in the management team.
Source: McKinsey August 2009 • Dennis Carey, Michael Patsalos-Fox, and Michael Useem
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