Cultivating Board purpose and effectiveness with a multinational, luxury fashion retailer
In line with the organization’s transition from small organization into a global corporation through several highly successful M&A’s, the Board had evolved from a committee structure and drastically changed in composition, including the separation of combined Chair/CEO role.
The Board had planned well for the short-term, but their reactive nature kept them from thinking longer term. There was a need for the Board as a whole to withstand short-term fluctuations in order to see long-term goals to completion.
We partnered with the Board to develop a clear point of view around leading in the digital age. We identified that they were not comfortable taking calculated risks, which led to missed opportunities for innovation that would drive them forward in the marketplace.
We then partnered with the Board to deliver:
- A team intervention to create clarity of purpose and priorities of the board
- A set of metrics for Board effectiveness in order to measure ongoing performance and hit key milestones.
- The Board renewed their commitment to working together towards strategic business initiatives and was able to develop longer-term solutions.
- The Board was able to redefine its transformational strategy and create an execution plan.
- Having identified gaps around digital leadership expertise, they recruited two independent, Non-Executive Directors with digital experience.
- Independent, bi-annual reporting showed progress against specific goals.