If anything is certain at an emerging growth company, it’s constant change and evolution. How, then, can a board continue to evolve its operations and skill sets to keep pace?
In this episode of Inside America’s Boardrooms, Bruce Bohuny (member of the Next Gen Board Leaders Advisory Council) draws on his nearly ten years of board experience with Lakeland Bancorp, a company that has quadrupled in size since he joined. How did the board evolve its approach to leadership, performance measurement, and committee structures?
What we implemented a few years ago is peer-to-peer reviews. It’s not an easy process…But it is a necessary process as the business landscape continues to get more and more competitive: margins shrink, technology creates efficiencies. Every company has to be run leaner and meaner. And you need good minds [in the boardroom] representing the shareholders to stay on top of management.
Near the end of the episode, Host TK Kerstetter asks Bohuny to consider future trends in board tenure: As more young directors join boards, what are their expectations for length of service or even term limits?