Tag Archive: Barbara Franklin

NACD Board Names Dr. Reatha Clark King Chairman

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On May 23, NACD announced the election of Dr. Reatha Clark King to chairman of our board of directors. While Reatha’s role as chair is new, her relationship with NACD goes back many years. She has been a member of NACD since 1993, an NACD director since 2005, and chaired the governance committee in recent years.

An unconventional path

Reatha’s directorship experience is extensive; she has served on the boards of ExxonMobil, Wells Fargo & Co., H.B. Fuller Co., Minnesota Mutual Insurance Co., and The Lenox Group—in addition to several nonprofit organizations. She has followed, however, what I would call an unconventional path to the boardroom. After earning undergraduate degrees in chemistry and math and later a PhD in chemistry from the University of Chicago, Reatha began her career in the sciences, working as a research chemist for the National Bureau of Standards, and then becoming a professor of chemistry and an academic dean at York College. After earning another degree—this time an MBA—she became the president of Metropolitan State University in Minnesota. Reatha was then tapped to head the General Mills Foundation, where she spent 14 years leading the company’s community initiatives. From there, she added the aforementioned board seats to her already impressive resume.

Preparing for 2020 and beyond

Looking ahead, Reatha’s experience in both the corporate arena and academia makes her particularly well-suited to guide NACD and its NACD Directorship 2020 initiative. NACD Directorship 2020 aims to help boards understand, define, and prepare for the emerging and evolving issues that will shape the future of directorship. It gives me great confidence that Reatha will be leading our organization as we prepare for 2020 and beyond.

I’m also honored that Barbara Franklin, who has led our board for the last four years, will continue to serve as a director until May 2014. Barbara has had a tremendous impact on NACD, overseeing our unprecedented membership growth during her tenure and helping us solidify our position as the authority on leading boardroom practices.

As I look at our excellent board of directors and management team, I am more confident than ever in NACD’s ability to deliver on our mission to advance exemplary board leadership.

NACD Announces Blue Ribbon Commissioners for Lead Director Report

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An elite group of more than 20 corporate directors and corporate governance thought-leaders have begun work on the 2011 Report of the NACD Blue Ribbon Commission on the Effective Lead Director, led by co-chairs Barbara Hackman Franklin, former U.S. Secretary of Commerce , director of Aetna and Dow Chemical Company and chairman of the board for NACD, and Irvine Hockaday, director for Ford Motor Company, Estée Lauder and Crown Media Holdings.

Lead directors play a significant role in the boardroom, enhancing board effectiveness by acting as independent figures in communicating the needs between the company’s management and board. Five years ago, only 39 percent of boards had lead directors. That number has almost doubled. Today, 66 percent of boards have a lead director.

NACD broadly defined the duties of the lead director in a 2004 Blue Ribbon Commission Report. Leveraging their years of experience, the NACD Blue Ribbon Commissioners will clarify the role of the lead director in order to enhance the effectiveness of the lead director in the boardroom. The 2011 report will expand the earlier recommendations by exploring how the lead director role can be used to the fullest extent. Specifically, the report will discuss the evolving roles and responsibilities of the lead director; the ideal profile of a lead director; and key relationships and communications of the lead director, including those between management and shareholders. The report will also offer recommendations for future challenges facing the role.

The 2011 Commissioners who contribute their views to the report are directors from leading companies and corporate governance experts. In addition to co-chairs Barbara Hackman Franklin and Irvine Hockaday, the panel includes:

Holly Gregory, corporate partner at Weil, Gotshal & Manges, will also serve as governance counsel to the Commission.

The 2011 Report of the NACD Blue Ribbon Commission on the Lead Director is scheduled for release at the NACD Annual Board Leadership Conference, October 2-4, 2011, in Washington, DC.