Have You Had To Retire Or Remove A Director From Your Board? If So, How Did You Approach It?

Source: Life Science Leader
ATB_Thomas Wiggans_450x300

A | FIRST, I WOULD SAY THE BEST WAY TO DEAL WITH THIS IS TO PLAN AHEAD! Contemplating board changes or rotation is no different than thinking about succession for any other position. If the topic of rotation is “on the table” as part of good corporate governance, when it comes time to make changes in board composition, it should be less of an issue.

Not knowing the specifics of the circumstances that led to this question, it could be that a board member is disrupting the overall dynamic and functioning of the board, or it just might be time to rotate a member off and replace them with a new skillset or experience base. If this topic has been an open and transparent element of good governance, then rotation can occur, and removal is not required.

THOMAS WIGGANS is founder, CEO, and chairman of Dermira. He has served as CEO of other biotechnology companies and boards and currently serves on the BIO board of directors.