Being on a board of directors is more than just a fancy title and compensation package. For many, the opportunity to serve on a board of directors allows them to assist in moving a company into the future, enabling the long-term strategic thought that is needed for guiding high-level executives to perform at their peak capabilities.
Bridget Ryan Berman serves on three boards: Newell Brands, Tanger Factory Outlet Centers and Asbury Automotive Group. She has extensive executive experience at brands that are household names including Ralph Lauren, Apple (Chief Operating Officer for Retail), Giorgio Armani and Victoria’s Secret Direct (Chief Executive Officer).
All that experience has put Berman in the position of offering advice to those who aspire to be in her position one day. She told Newsweek how she got to where she is today and offered advice for those looking to reach new heights in their career.
Newsweek: How did you get into the role of serving on a board?
Berman: “I appreciate the value of strong working relationships. Most of my board roles have come by way of recommendations from people who I previously worked with, or who served with me as a director on other boards. Personal references can be extremely powerful, particularly when someone has direct knowledge of your skills and understands the advantages you bring to the boardroom.”
What successes drove you to serving on boards? What are your areas of expertise?
“I was fortunate to have held various executive leadership roles in world-class brands and companies during high-growth periods. My experience has been in consumer and retail businesses where the breadth of responsibility is vast, and the ability to have a meaningful impact is significant. Retail is a dynamic industry with constant change and evolution. I felt prepared having led companies and organizations through large scale transformative growth and understood how to work constructively with CEOs and peer directors.”
Why is the leadership of a board of directors important to a company in ways that can complement a traditional corporate leadership hierarchy?
“I believe in strong partnerships between the board and management, and that theirs is a healthy and productive balance of responsibilities. A board is vital to a company’s success. Their role is to set the strategic direction, provide oversight and accountability, and ensure that the company manages both its operations and potential risks effectively, while protecting shareholder interests. The CEO and Executive leadership team are essential to executing the company’s vision and strategic plan. They oversee the company’s goals, and provide the organizational talent, structure, and resources to deliver expected results. Given the speed by which business is changing and industries are evolving, boards are increasingly interested in understanding how technology and innovation can drive growth, enhance efficiency, and influence future strategies.”
How can a board of directors be a table of leaders that set about transformational business change at a business?
“It starts with building consensus amongst the directors about the future of the company. Boards should dedicate the right amount of time in every meeting to talk about strategy and growth. Though it is not the board’s role to direct change in the business, they can be highly influential and encourage management to realize the need or potential. Where I have seen it work best is when there is ongoing honest conversation between management and the board about the future vision. The board should be a helpful resource, particularly when individual directors have had experience in large scale transformation and understand the dynamics and the risks. It requires patience and a nuanced style of management from both sides.”
What have you learned during your time on various boards that you implement as a strategy on others?
“Board governance and effectiveness comes to mind. We are dealing with a broadening range of complex issues, and having the right mix of diverse skills and experience on the board is important. I have focused on improving board performance, spending time on the most critical matters, and ensuring there is organizational succession and readiness to address significant issues and opportunities.”
Berman will join Newsweek at this year’s inaugural Women’s Global Impact forum. The August 5 event, hosted at Newsweek’s headquarters in New York City, will bring together some of the world’s top female executives and connect them with rising stars across industries and job functions.
For more information on the event and entry guidelines, please visit the Women’s Global Impact homepage.
The post Five Questions for Bridget Ryan Berman, a Board of Directors Boss appeared first on Newsweek.
