Fletcher Washington recently retired from the U.S. Army and now resides in Ponte Vedra, Florida. His 34-year Army career was nothing less than impressive, as he joined Enlisted as a Private, for the college money, and rose to the rank of Brigadier General. During his last four months of military service, he completed the Director Fundamentals Program and all requirements, through ACCD, and is qualified to serve on the Board of Directors for public and private corporations. In the last six months since his retirement, he has maintained the same level of excellence, by writing and publishing his autobiography on Amazon, which is now an Amazon #1 bestseller titled: Fletcher Washington A Generational View On Wealth. He is actively seeking a board seat and also exploring living abroad, in Panama, for one or two years.
1. What has been one of your most valuable leadership lessons from your past experience that you will take into a corporate board setting?
The ability to view an issue not only from the “manager’s/employer’s viewpoint,” but from the “employee’s viewpoint” as well. As a General Officer, I’m very comfortable operating at the strategic, senior managerial level. However, having been raised from humble beginnings, and starting out as a Private, before receiving my commission and becoming an Officer, this insight has served me well over the years to step outside the shoes of senior management to more clearly understand an issue from the lower level “Soldier’s viewpoint” (or rather the “employee’s viewpoint”).
2. What sparked your interest in joining a public company board?
I was both lucky and blessed to begin investing at the young age of 22. Because of this good fortune, coupled with a general’s retirement, there’s no need to work a normal 9-5. However, at only 52, I’m too young and filled with too much energy to sit idle. The roles and duties of a board member appear ideal for someone with my skillsets of providing oversight, mentorship, and leadership as appropriate, etc., to C-suite leadership.
3. What can corporate boards learn from the military when it comes to risk oversight and leading through uncertainty?
Great question. The fact that the Department of Defense is the largest employer in the U.S., with 1.3 million on active-duty, and nearly another million in the reserves, speaks to the vast diversity gained by working closely with former military personnel. Additionally, the military members who had the high honor and privilege of serving at the General Officer level, responsible for several thousands, both military and civilian, may be able to bring a level of strategic insight, and other experiences, not readily available in the corporate world; unless the corporation is worldwide and the corporate leader is at the VP or CEO levels in comparison to the vast levels of responsibility of a general.
4. How can boards capitalize on the value of veterans?
By giving them the opportunity – they will surprise you. They have lived their entire life with the mentality that you must do more with less; you must achieve mission accomplishment because failure is not an option; and when you pass on what you received, it must be better than when you received it.
5. Tell us about your new book: Fletcher Washington: A Generational View on Wealth.
Thanks for asking. It’s many things in one: 1) It’s an autobiography, as I discuss my rise to General. 2) It’s a rags-to-riches story, as I show (unashamedly) how I grew up on welfare from humble beginnings, but managed to fully retire at 51, as a multi-millionaire. 3) It’s somewhat of a love story, both between my wife and I, as well as my son and I, as I started it decades ago for him to appreciate my life and remain humble in his. 4) It’s a book on how to achieve success (in either the military or civilian life). I’ve had the privilege to sit on 12 different promotion boards and share tips on what it takes to climb the ladder. 5) It’s a book on finance and investing – somewhat of a ‘blueprint’ anyone can use. So, it’s much more than an autobiography. I hope you enjoy the read.
Interested in reading Fletcher Washington: A Generational View on Wealth? Check it out on Amazon here!
Chris Elshaw is an accomplished advisor and board director with decades of global business experience from a career in General Management around the world for consumer products companies. As an advisor, Mr. Elshaw provides guidance on strategy and execution as well as leadership coaching and M&A advice, resulting in improved performance and value creation. Mr. Elshaw also formulates strategic assessments for private equity firms and assists in due diligence. As a board director, Mr. Elshaw gives leadership and seasoned advice as well as being practiced in overseeing company performance and holding management to account, in addition to fulfilling regulatory compliance and governance duties. Prior to this, Mr. Elshaw amassed an impressive track record as a business leader in large and complex organizations. Mr. Elshaw is also a CultureTalk certified partner, a certified Board Leadership Fellow at the National Association of Corporate Directors (NACD), and a certified Executive Masters Professional Director at the American College of Corporate Directors (ACCD).
1.What is the key to being a successful director?
Listening and understanding situations before jumping to conclusions. In particular, understanding the nuances between the situation you are hearing about, versus seemingly similar prior situations, so as not to be misled in what may be required. In addition to that, ensuring the board is using a strategic lens for all discussions. Finally, balancing a supportive attitude toward management while not absolving them of their accountabilities.
2.What has been your most rewarding experience as a director?
I wouldn’t say there is one, but I think that helping businesses transform, or make acquisitions, or even position them for sale to others is very interesting and involving.
3. What piece of advice would you give to those looking to land their first board seat?
Firstly, get yourself educated on how to be an effective board member. Management doesn’t need another management view in the boardroom. Be capable of participating usefully in all topics. While you might have a strong functional background in a particular area, if you are only able to participate in those topics, you will not be a good board director. Secondly, make sure you understand how to look at everything through the lens of your fiduciary duties to make sure you are capable of representing the right interests.
4. What changes do you anticipate seeing in the boardroom in the next five years?
I hope and expect to see much more diversity in the boardroom, and while there are some obvious indicators of that, what I really mean is a diversity of thought because that’s one of the very tangible benefits of diversity, which can only make for stronger boards. I also wish that the role of the Chair was always separated from that of the CEO. There is too much conflict of interest in those being combined, and it can make the board’s role harder to fulfil.
Robyn is a seasoned corporate director, strategy leader, and executive advisor to global corporations. She has extensive experience guiding high-performing executives across a wide range of industries. Currently, Robyn serves on the public boards of Azenta Life Sciences and Psychemedics and a private board, Akston BioScience. Robyn's expertise includes value-creation, growth strategies, mergers and acquisitions, cost reduction, and leadership development. Robyn holds an Executive Silver Masters Professional Director Certification from the American College of Corporate Directors. Robyn was named one of the "Top 100 Most Influential" women corporate directors by WomenInc in 2019.
1. What is the key to being a successful director?
Board refreshment will continue to be a critical responsibility for all boards. How to expand and refresh the board with new skills, diverse backgrounds and points of view, and increasingly qualified and ‘ready’ candidates is an important agenda item. There are tangibles that can identify a rich pipeline of individuals for consideration. However, in my experience, the intangibles are what differentiates those that will be the most successful, contributing members. First, an innate curious inquiry where someone is confident and comfortable asking questions and building insights and perspectives beyond their core expertise. Listening, asking, discussing, and reflecting upon multiple stakeholder views and working toward a best outcome requires intellect and humility. Second, constancy in the face of many changes, surprises, and successes that occur well beyond the purview of the board room. Being able to stay focused on the overall potential of the company while calmly, patiently navigating the many unforeseen challenges has become more important today than ever. Third, character-a board member wears many hats and engages with board colleagues, management, advisors, investors, employees, and other stakeholders. But the consistency of character, building trust, and acting authentically in all relationships is paramount to being effective.
2. What has been your most rewarding experience as a director?
Transforming a global leader in the semiconductor equipment industry to a global life sciences leader in sample management solutions and analytics. It was a ten -year journey that required unwavering commitment to the vision, leadership from the Chair, CEO, and Directors, incredible innovation and operational excellence by the entire organization, and continuous incorporation of information and insights to successfully guide the transformative process with a myriad of important stakeholders in mind.
3. What piece of advice would you give to those looking to land their first board seat?
It is incredibly important to understand what it means to be a public company director and how that differs from being a successful business executive or functional expert. It is a professional commitment that requires an investment in governance and compliance knowledge across a wide range of disciplines: human capital, finance, capital markets, geopolitics, environment, and more. Topical courses, readings, and peer exchanges like those offered by ACCD can be very helpful for an aspiring director to understand the range of responsibilities and expectations of excellence in the boardroom. By learning, participating, volunteering, and active peer engagement, opportunities will arise from colleagues or recruiters who can identify the holistic value a highly-qualified individual can bring to a board dynamic. Preparing for such serendipitous opportunities is the right start.
4. What changes to you anticipate seeing in the boardroom in the next five years?
The world has become increasingly complex and uncertain. Committed board members will be required to continuously learn and build on their expertise and experience to lead companies through unchartered waters. Today, board members are contributing more time to committees, special initiatives, governmental and SEC changes, as well as the array of important ESG matters and investor engagement. I believe this will increase and successful directors will rise to the challenge, commit their time and efforts to the companies where they serve, and expand their board’s use of technology and new methods to ensure the highest level of communication and collaboration. The value of an extraordinary board requires excellence from individuals but a greater impact from the combined talents and guidance of the whole board. The next five years will certainly be exciting.
Robert is the President of REK Energy; past and current boards include Sinclair Oil (2017 to 2022), CITGO Petroleum (current), Par Fab (current), and Tor Minerals (current). Robert was born in Chicago and became a Chemical Engineer after graduating from the University of Wisconsin in1978 and then obtained his MBA-Finance from University of Minnesota in1983. He worked about 20 years with Koch Industries in a variety of roles and locations. He was then with CITGO Petroleum for about 14 years - also in a variety of roles and locations. Robert worked primarily with petroleum refining and petrochemicals. He is working part-time with several companies in the areas of petroleum refining performance, renewable fuels, and greenhouse gas reducing technologies which he finds very interesting. Robert currently resides in Wisconsin with his wife Elizabeth, who is an Art teacher. They have two children both married and have 4 grandchildren.
1. What is the key to being a successful director?
Listening to others and speaking less. Recognizing that you are not there to run the company, but rather to enable to company to prosper by taking a longer term view and helping management to be successful.
2. What has been your most rewarding experience as a director?
Coming into a dysfunctional company on behalf of the largest shareholder and completely changing out the management to instill a healthy, open culture and now seeing that company and its’ employees starting to prosper.
3. What piece of advice would you give to those looking to land their first board seat?
Get involved in industry organizations and maintain lifelong relationships with coworkers and competitors.
4. What changes to you anticipate seeing in the boardroom in the next five years?
Continuing diversification, a reduction in long tenured board members, and an increased focus on industry expertise.
Teri is a high-impact strategist and visionary leader who spent her career in a highly regulated field where disruption and risk are the norm. She held positions as CFO, COO and CEO in four health systems and currently serves as an independent director on the boards of private and public companies in the healthcare, insurance, and utility sectors. She is a SEC qualified financial expert, a trusted partner to C-suites and boards, and is passionate about adding shareholder value through effective governance and strategic direction. Teri is known for her out-of-the-box thinking and comfort with smart risk-taking. She leads through collaboration and effectively leveraging her extensive industry network to help organizations achieve their goals..
1. What is the key to being a successful director?
A sincere interest and passion for the business is critical. Independent directors should be as engaged as management in the performance of the company albeit at a higher level. Successful directors work as a team, understand the difference in roles and responsibilities between the board and management–‘nose in, fingers out’–and avoid directing or supervising management. Directors add value when they assist management in seeing blind spots, identifying risks, and holding management accountable for results that advance the strategy. They also ensure that the impact on all stakeholders is considered in decisions. Directors who share their experiences and perspectives, and respectfully provide a diverse point-of-view create more robust conversation in the boardroom that improves decision-making.
2. What has been your most rewarding experience as a director?
I serve on a number of healthcare sector boards, and Covid challenged these companies in a way that was unthinkable. Sharing my knowledge and experience in crisis management as a former CEO and CFO of health systems allowed me to provide insight to both the board and management. I was also honored to connect companies with needed resources and introduce them to potential customers. These companies lived their missions in a manner they never imagined, pushed their teams which ultimately strengthened culture, and transformed their traditional role as a vendor to a critical partner to healthcare providers. It’s also been exciting to watch the innovation, particularly related to acceleration of digital transformation, in healthcare as a result of Covid.
3. What piece of advice would you give to those looking to land their first board seat?
My path to board service started three decades ago when I began serving on local not-for-profit boards, then became involved in trade associations at the state, regional and national levels, and eventually was invited to join public and private boards. I enjoyed learning about best practices, especially regarding governance, and applying them in my organization, meeting leaders both inside and outside healthcare, and having the opportunity to influence policy and strategy. My board was very supportive and it is important to know your company’s position regarding board service if you are employed. I approach board service as a profession and keep up with trends and emerging risks, read several publications, and attend conferences, all of which are also opportunities to network with people who may be seeking directors. Making presentations, writing articles, and serving on conference panels are also opportunities to showcase your skills and knowledge. A bio that highlights your qualifications as a director and letting others know that you are interested in serving on a board are also key to landing that first seat.
4. What changes to you anticipate seeing in the boardroom in the next five years?
There will continue to be an emphasis on diversity and inclusion that will go beyond gender, race, and ethnicity. Technical and non-C-suite professionals will be in high demand which will create an opportunity for those with specific skills such as digital transformation, cyber, risk, ESG, and talent management to be attractive to board nominating committees. It will also create openings for younger potential directors. Boards are already evaluating their standing committee structure and augmenting them with ad hoc committees or work groups to manage specific issues. This need will accelerate board refreshment to ensure that board composition aligns with the company’s goals.
Brad holds an Executive Masters Professional Director Certification from the American College of Corporate Directors. As a professional board member, Brad served as an Independent Director on the CIT Group Board from 2010 – 2021; and currently serves on the Board at Modere, Inc. He also serves on the Advisory Board of the Institute for Excellence in Corporate Governance at University of Texas at Dallas. Brad is a widely-respected presenter, speaker, and guest lecturer on business ethics, corporate governance, stakeholder capitalism, risk management, organizational leadership, and business strategy.
1. What is the key to being a successful director?
There are a number of personal, and professional, competencies that enable a director to be successful, and add governing value to a board of directors. Being able to ask the right governance questions…at the right governance times…for the right governance reasons is definitely a key governance competency. I think of this as “Governance Craft,” as my good friend, Don Springer, has termed it. One thing I have come to appreciate even more is the ability to see the “non-obvious.” Whenever I am presented with a set of governance facts (a “governance picture”), I try to see what is not in the picture that should be there in addition to what is there. Being able to “see around corners” is a learned governance skill. It takes practice. I think this type of governance competency comes from having a high level of intellectual curiosity. It also helps to be a student of history and human nature. Being a Best-In-Class director is all about constantly increasing your Governance IQ.
2. What has been your most rewarding experience as a director?
Each board I have served on has been a rewarding experience in its own way. But, my board service at CIT Group (NYSE:CIT), beginning in 2010, holds special significance because a newly-formed board of directors took a large, complex, financial organization from bankruptcy to a successful governance outcome. We started by hiring the right CEO (John Thain); and, then at the right time during our governance journey we transitioned with a good succession plan to the next right CEO (Ellen Alemany). Along the way, we did the right governance things by exiting certain legacy businesses, strategically growing other businesses, innovating competitive advantage with technology, upgrading talent, and shoring up organizational weaknesses with M&A. In early 2022, CIT completed a successful merger with First Citizens Bank (NYSE:FCNCA). It was truly a team effort by both board governance leaders and management governance leaders…particularly, Ellen. My service on the Risk Committee, and Chair of the Compensation Committee helped me better understand that “good governance” for boards is operationalized at the committee level. It was at CIT where I really came to develop my own personalized Governance Craft.
3. What piece of advice would you give to those looking to land their first board seat?
There are all the obvious ways, such as networking, obtaining director certifications, etc. But, one recommendation is to “go deep” in an area of governance expertise; and write articles and White Papers on relevant governance areas you believe you can be a recognized governance expert in. This helps to differentiate your governance competencies. I have personally done that in the area of cyber security by leveraging my background in risk management, and proposing to the governance community a comprehensive Cyber Risk Governance Model for governing cyber risks. The underlying thesis is that directors need to be cyber “governance experts” more than cyber “technology experts.” So, my advice to directors seeking their first board is to become a differentiated governance expert in a particular governance area. Best-In-Class companies are most often governed by a group of directors who know how to effectively leverage the collective governance expertise at the board table. Go Deep!
4. What changes to you anticipate seeing in the boardroom in the next five years?
This is a governance topic I have thought a lot about recently. From my perspective, we are transitioning from an era of “tactical governance” to an era of “strategic governance.” Tactical governance primarily focused on board governance structures, processes, and practices. Our traditional board committees (Audit, Nom & Gov, Risk, Compensation, etc.) are examples of tactical governance. Strategic governance is all about board and management co-governance, and achieving targeted “governance outcomes“ (e.g., becoming Best-In-Class in an industry sector). From my governance experiences, becoming a Best-In-Class Company requires a company to adopt a Governance Model where both board and management are considered governance leaders with well defined governing roles and responsibilities. We are not used to thinking in co-governance terms. But, effective co-governance is the best way to create enterprise value, in my opinion. Best-In-Class stakeholder capitalism companies create enterprise value by providing customers (the “core stakeholders”) with value (i.e., products, services, experiences of Value) that customers will value in return. The creation of enterprise value…by serving the customers first…enables the company to provide value to all other stakeholders. For me, there is governance clarity about ESG when I think about how each of the “E,” “S,” and “G” should be tailored for each stakeholder category (customers, shareholders, business partners, government/regulators, and communities) in ways that create relationship trust. In football-speak, using metaphors from my NFL career, creating competitive advantage through continuous innovation is good offense; and, ensuring organizational resiliency through effective risk management is good defense. But, Championship Teams are built from a foundation of organizational trust that fosters a Best-In-Class performance culture. Strategic governance, in my opinion, is all about board and management governance leaders working together to ensure the company builds high-trust stakeholder relationships; and being leaders in exceeding performance expectations at the company, including governance expectations…not just meeting them.
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