The technological trends that are reshaping everyday existence — influencing what and how we read, shop, and even choose a partner — are just as consequential to companies and their boards of directors.
The 2013 edition of The Korn Ferry Market Cap 100 report examines the need for digital expertise on boards, and how best to define digital needs, recruit digital directors, and leverage such talent in the boardroom. Featured in the KFMC100 are interviews with three experts on the topic: Rick Crandall, a computer industry pioneer and veteran director and chairman; Jeff Epstein, former CFO of Oracle, and current director for Priceline and Kaiser Permanente; and Bonnie Hill, lead director of Home Depot, who spearheaded the effort to add a digital director to the retailer’s board.
Despite high levels of interest and media coverage, the KFMC100 data reveals that there hasn’t yet been a flood of technology experts added to the one hundred largest US public companies. In fact, twenty-four KFMC100 companies have no digital director by our definition.
The KFMC100 also offers an update on board recruiting and governance trends, including the overarching finding that director turnover remains very low. Excluding new directorships created by IPOs or split companies, only there were only ninety-two new directors in 2012, and forty companies in the KFMC100 added no new directors at all last year.