Marketing Vanguard: Episode Summary — "Building Your Board Career: Insights from Linda Boff and Tony Wells"

Release Date: December 19, 2024

In this enlightening episode of Marketing Vanguard, hosted by Jenny Rooney from Adweek, industry leaders Linda Boff and Tony Wells delve into the intricacies of transitioning from Chief Marketing Officer (CMO) roles to board membership. The conversation offers valuable strategies, personal anecdotes, and expert advice for CMOs aspiring to influence corporate governance and strategic decision-making at the highest levels.

1. Introduction to Board Membership for CMOs

Jenny Rooney sets the stage by addressing a prevalent topic among Chief Marketing Officers: how to secure a seat on corporate boards. She highlights the growing interest among CMOs to transition into board roles, whether as an adjunct to their current positions or as a future career path.

Jenny Rooney [01:40]: "At a certain point in people's careers they start thinking about that, whether they want to get into the board space while they have full-time jobs or if it's something they think about being their next career path forward."

2. Defining the Role and Preparing for Board Membership

Linda Boff and Tony Wells emphasize the importance of establishing a strong foundation before pursuing board roles. They discuss the necessity of building a significant body of work, cultivating a reputable personal brand, and gaining firsthand experience in navigating corporate politics and management dynamics.

Linda Boff [02:57]: "It really comes with a body of work and a reputation. Spending time in your own boardroom, navigating the politics, the contributions that you make as part of a management team and demonstrated results... prove that you've helped with growth."

Tony Wells [01:18]: "When you're on a board, you're not there to tell people what to do. You're there to hopefully ask questions, be provocative in a productive way so that you're helping members of the management team think about things differently."

3. Marketing's Strategic Value in Boardrooms

A significant portion of the discussion revolves around the unique perspectives CMOs bring to boards. Both experts argue that marketers offer invaluable insights into growth, customer acquisition, and brand strategy—elements crucial for any organization's success.

Linda Boff [07:43]: "Marketing enters into all of these conversations... being misunderstood, talking different terminology, not being viewed as a lever for growth. As marketers, we have to solve that as an industry."

Tony Wells [09:12]: "CMOs are about growth and connecting with audiences, and I think boards are starting to appreciate that... boards that appreciate brand find it easier to include CMOs."

4. Balancing Board Roles with Executive Responsibilities

The episode explores the dynamics of holding a full-time executive position while serving on corporate boards. Boff and Wells discuss the challenges and best practices for managing both roles effectively without compromising performance in either position.

Tony Wells [10:36]: "Board work is very important. It's time-consuming... any single board is not a full-time job unless they're going through some type of crisis."

Linda Boff [10:57]: "If you end up taking on too many boards, like seven, it's a high-wire act. You never want board responsibilities to conflict with your day job."

5. Navigating the Recruitment Process

Securing a board position often involves networking and leveraging relationships rather than traditional job applications. Boff and Wells provide insights into the recruitment process, highlighting the importance of maintaining connections with recruiters and demonstrating readiness through proactive efforts.

Tony Wells [17:56]: "Maintain your good relationships with recruiters who do board searches. Once you get that phone call, the opposite of what you should do is self-promotional."

Linda Boff [20:22]: "Look into programs like Women's on Boards, Black Women on Boards, PDA, NACD... make your profile known through these resources."

6. Strategic Targeting of Board Opportunities

Both speakers advise aspiring board members to strategically identify and pursue board opportunities that align with their expertise and career goals. They recommend researching companies' board needs, understanding the desired skill sets, and positioning oneself as a valuable addition to the board's composition.

Linda Boff [20:10]: "I made a list of 50 companies I could offer something to. Look into their annual reports, identify board skill gaps, and reach out to CEOs and board members."

Tony Wells [19:16]: "It's always about the seat. Are they looking for a finance person, marketing person, etc.? Chemistry and matching the board's needs are crucial."

7. Benefits Beyond Compensation

While compensation is a consideration, Boff and Wells emphasize the intrinsic rewards of board membership, such as continuous learning, contributing to company success, and expanding professional networks.

Linda Boff [15:01]: "For me, it is the ability to stay connected, being a lifelong learner, and helping a company succeed. Compensation is the last reason you should do this."

Tony Wells [16:20]: "Being on a public board made me a better executive and gave me a different perspective that enhanced my leadership skills."

8. Final Recommendations and Resources

To wrap up, Boff offers practical steps for CMOs aiming to join boards, including:

• Building a robust body of work that showcases growth and strategic impact.
• Gaining governance experience through nonprofit boards or committees.
• Leveraging board programs offered by major financial institutions and industry organizations.
• Proactively networking and making oneself visible to recruiters and existing board members.

Linda Boff [20:09]: "Make a list of companies you can add value to, understand their board needs, and let CEOs and board members know you're interested."

Tony Wells [20:07]: "Engage with trade organizations and participate in programs that connect executives to board opportunities."

Conclusion

This episode of Marketing Vanguard provides a comprehensive roadmap for CMOs aspiring to transition into board roles. Through the experiences and advice of Linda Boff and Tony Wells, listeners gain a clear understanding of the qualifications, strategies, and mindset required to secure and excel in board positions. The discussion underscores the strategic importance of marketing expertise in corporate governance and offers actionable insights for career advancement.

Notable Quotes:

• Tony Wells [01:18]: "When you're on a board, you're not there to tell people what to do... you're helping members of the management team think about things differently."
• Linda Boff [02:57]: "Spending time in your own boardroom, navigating the politics, the contributions that you make as part of a management team... prove that you've helped with growth."
• Tony Wells [09:12]: "Boards are starting to appreciate that CMOs... can help them unlock the growth and customer acquisition side of things."
• Linda Boff [15:01]: "For me, it is the ability to stay connected, being a lifelong learner, and helping a company succeed. Compensation is the last reason you should do this."
• Tony Wells [16:20]: "Being on a public board made me a better executive and gave me a different perspective that enhanced my leadership skills."

This summary captures the essence of the episode, providing listeners with a clear and detailed overview of the discussion on building a board career as a CMO.