Understanding the CEO - Board Relationship and Dynamics | EY / BoardReady Women in the BoardRoom Series

Photos courtesy of Catey Nelson, RUN studios.

BoardReady is committed to fostering diverse perspectives in the boardroom, and we are grateful to EY for their collaboration in helping us continue this important conversation. Our most recent event - as part of the EY/BoardReady Women in the Boardroom series – included a panel discussion featuring Alaska Airlines Independent Chair Patty Bedient, Weyerhauser President & CEO Devin Stockfish, and stealth AI startup CEO, Raji Subramanian. In this blog post, we’ll uncover key topics discussed in the panel and highlight the insights provided by Patty, Devin, and Raji.  

Given Devin and Raji’s experiences as CEOs and working closely with boards, the panel focused on exploring the dynamics between the CEO/management and their board. Integral to the conversation was also the idea that boards evolve in public and private companies, as well as across different company lifecycle stages.  

The conversation kicked off by discussing the key distinctions between private and public boards. Raji noted that private board roles are often more centered on strategy, whereas public boards place greater emphasis on financial planning and budgeting. She highlighted the importance for private companies to be strategic about the timing of adding independent directors, who can offer unbiased insights because they are not investors. In Raji's experience, appointing an independent director who can foster strategic thinking and effectively navigate conflict before an IPO has been advantageous. 

“Private companies need to be strategic about when they bring on an independent director and how that director can serve as the Master Aligner of the board.”

Devin also emphasized the importance of having an independent chair on the board, highlighting their unique understanding of the distinctions between the chair and CEO roles. He also stressed the significance of building relationships within the boardroom, sharing that he holds one-on-one meetings with his directors to foster trust and create an open forum for feedback. 

The panel then explored the value that a board of directors brings to management. Devin highlighted the significance of having a diverse board with a range of experiences and expertise, enabling them to offer insights on areas where management may lack depth. Raji reinforced this point, explaining that directors contribute strategic value and guidance, serving as essential support for management. She noted that the board’s role extends beyond the CEO, benefiting the entire management team. 

Before the conversation came to a close, both Raji and Devin offered valuable insights for aspiring directors. Raji advised leveraging one’s expertise, noting that there are numerous roles one can take on to benefit a company. She emphasized that the journey to becoming a director is as significant as the role itself. Devin added that while C-suites often deal with short-term pressures, effective board directors must focus on long-term strategy to navigate those challenges successfully. 

“As a board director, you help us look at the bigger picture when we, often times, are so focused on dealing with the short-term pressures.”

We would like to extend our heartfelt thanks to Patty, Devin, and Raji for their invaluable insights and for sharing their experiences with us. Their thoughtful perspectives on the evolving dynamics between boards and management, as well as the importance of strategic thinking and diverse expertise, have provided a wealth of knowledge for current and aspiring directors alike. And of course, we are grateful to EY for their ongoing collaboration and commitment to advancing conversations that drive meaningful change in the boardroom.