In this episode of “The Goats of Growth,” I had the pleasure of chatting with Carol Meyers, a seasoned go-to-market executive, about the ins and outs of serving on a company’s board. We covered everything from snagging a board seat to the impact and responsibilities of board members, touching on the time commitment involved.
Carol shared some fascinating experiences, including insights into crisis management and the dynamics of board interactions. We also dived into the path to board membership for different C-level executives and unraveled the distinctions between a board of directors and advisors. A must listen and let us know your key takeaways.
Getting the First Board Member Seat ([00:02:00]) Carol Meyers shares her experience of getting her first board member seat and the value of being a potential customer.
Purpose of Asking Questions ([00:04:36]) Carol Meyers explains the reasons for asking questions during board meetings, including seeking clarification, provoking different viewpoints, and ensuring good governance.
Measuring Value as a Board Member ([00:07:22]) Carol Meyers discusses how she gauges her impact as a board member and the indicators of adding value, such as team and CEO appreciation and the implementation of ideas.
Time Commitment as a Board Member ([00:09:58]) Carol Meyers outlines the varied time commitments for board members, including meetings with company leaders, preparation for board meetings, and the flexibility required for unexpected events.
Weekly Meetings with CEO ([00:12:24]) Carol Meyers describes her weekly meetings with a CEO, emphasizing the evolving nature of discussions and the role of collaboration and support for the CEO.
Challenges Faced as a Board Member ([00:13:42]) Carol Meyers highlights potential challenges faced by board members, including crises, mergers, and leadership transitions, and the need for proactive and flexible responses.
Dynamics Between Board Members ([00:16:08]) Carol Meyers discusses the dynamics between board members, particularly in venture-backed companies, emphasizing the importance of prioritizing shareholder interests over personal agendas.
OpenAI and Sam Altman Board Situation ([00:19:12]) Jay asks Carol Meyers about the board situation with OpenAI and Sam Altman, seeking her opinion and explanation of what went wrong.
The unique situation ([00:19:30]) Discussion about a unique situation where a nonprofit board transitioned into a for-profit business, causing misalignment and poor handling.
Career path to the board ([00:21:18]) Advice for C-level executives on how to position themselves for a board seat, emphasizing personal responsibility, learning, and networking.
Importance of P&L responsibility ([00:23:20]) The significance of profit and loss responsibility for board members, and its relevance in board discussions and decision-making.
Transition to board roles ([00:27:12]) Advice for executives without a clear path to board seats, focusing on learning and broadening expertise to become valuable board members.
Board of directors vs. advisors ([00:29:41]) Differentiating between the roles of board of directors and advisors, including responsibilities and compensation.
Motivation and goals ([00:33:14]) Discussion on personal motivation and a big goal, with a focus on achievement and a light-hearted goal of improving at golf.
Learning preferences and sleep habits ([00:35:34]) Carol’s preferred way of learning and staying sharp, and her transition to getting eight hours of sleep per night.
Leisure activities and favorite character ([00:37:29]) Carol’s diverse leisure activities, including golf, boating, and traveling, and her admiration for Audrey Hepburn as a favorite character.
Introduction to Inflection ([00:40:09]) Introduction and discussion about the app “Inflection” and its features.
Using LinkedIn ([00:42:10]) The use of LinkedIn as the preferred platform for communication and networking.