A Quote by Sam Altman
The role of the board is advice and consent. If the CEO does not lay out a clear strategy and tries to get the board to set one, it will usually end in disaster.
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In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
I'm in a different position than most CEO's. I'm a founder. I'm not a hired CEO. Now, I can be fired by the board, but most CEO's are hired by the board.
Then, as she turned to walk away, Fred dropped the guillotine."So we're making Ev CEO," he said, his fork clenched in his hand. "You're going to get a passive chairman role and a silent board seat. We have some paperwork for you and a recommendation for a lawyer."Jack felt like he had just been hit in the face with a baseball bat. "Say that again," he stuttered to Fred, thinking he had heard incorrectly.Fred repeated himself almost verbatim: We're making Ev CEO. You're getting a passive chairman role. You will have a silent board seat. Here's the paperwork. Call a lawyer.
As board members, we only meet infrequently and are not as engaged with the front line, necessarily. The first thing I did as CEO was I left this board room.
Put a lot of paint & a wooden ball or other object on a board. Push to the other end of the board. Use this in a painting. - ruler on board.
Like on the airlines, they say they want to 'pre-board'. Well, what the hell is 'pre board'? What does that mean? To get on before you get on?
The role of a founder-CEO is extremely lonely. You can't always be fully forthcoming with your board or investors or employees.
If I have led my life totally deliberately, then when I come to the end of the diving board, I can just fall off the diving board and it will be perfect. I won't even remember what happened.
I think every responsible public board at every board meeting should be discussing succession. And, of course, Walmart has a very mature board: our chairman Rob Walton and other members. So succession is an ongoing. I think when I first joined the board of directors, it was discussed then. And it's discussed at every board meeting continually.
The role of a board of directors is to be a sounding board for the vision of the company - to hold executives accountable in executing that vision and to ensure a management succession plan is in place.
Board meetings should not be for the benefit of the board. They should be for the benefit of the CEO and the senior team.
The single most damaging misconception about strategy is that it is a set of financial performance goals. The so-called "strategies" created by many managements are nothing more than three-to-five year financial performance forecasts. They are then labeled "strategy" and shipped off to the board of directors which goes through the motions of discussing how big the numbers are. Strategy is not your aspirations. Strategy is concerned with how you will arrange your actions and resources to punch through the challenges you face.
I really love New York, but I have to say, the humidity during the summer is a nightmare for a cartoonist. Not only am I sweating in my studio, my bristol board is curling up, the drafting tape is peeling off the board, my Rapidograph pens bleed the minute I put them to paper... it's a disaster.
It doesn't matter how many runs one person puts together. We want to get partnerships and get 400 runs on the board. One person can't get 400 runs on the board if there is nobody at the other end.
Everyone has different things they like in terms of board setup. The grind of the board and how it's waxed - you want to make sure that the speed of the board is right for the conditions of the halfpipe. And then there's the edges and the bevel of the edge.
Lots of entrepreneurs don't want to be hassled by a board of directors early on. The entrepreneurs want to control the company, don't want to be responsible to a board, or don't want to waste time communicating with board members. This is a classic error of thinking about the early stage board incorrectly.
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