The Women’s Leadership Initiative is excited to introduce the Women on Board Spotlight Series, an expansion of our Entrepreneur Blog. This new series will showcase the achievements of women who have made significant contributions on public boards. We are thrilled to feature Maggie Wilderotter in our inaugural post.
Maggie is a seasoned executive who, as CEO, has led both Fortune 500 companies and start-ups in her career. In addition, she has extensive Board leadership serving on over 35 public company and 14 private company Boards of Directors.
Today, Maggie serves on the public boards of Costco Wholesale Corporation, Sana Biotechnology, and is Board Chair at DocuSign. She also serves on the private boards of Tanium, and Sonoma Biotherapeutics. In addition, Maggie is also a Senior Advisor to a number of companies including Accenture, Okta, the Blackstone Group, Atairos Private Equity, Sixth Street Partners, American Century Investments, Celonis, Garden City, GEP, SHRM and she Co-Chairs the Bank of America Executive Mentor Program with CEO Brian Moynahan.
Join us in introducing Maggie Wilderotter and dive into her story to discover more about her impressive journey.
Q. Tell us about your journey and what inspired you to join a board.
I joined my first board at 28 years old – I was working in the Cable Television Industry for a tech company that did the billing and MIS systems for Cable. The top operators were my customers and Steve Dodge, the CEO of American CableSystems (private company at the time) asked me to join his board – there were only 5 board members at the time. 6 months after joining we took the company public and 6 months after that we sold the company so by 29 years old, I had sat on a private board, public board and had experience as a Board Member doing an M&A transaction.
Q. How did you know which board was right for you?
I was intentional on all boards that I joined. I chose boards where I knew I could add value.
Q. What 3 steps did you take to prepare for joining a board?
- Met with ALL Independent Directors.
- Spent time with the CEO/Board Chair and
- Assess the financials, business model and right to win in the marketplace.
Q. What challenges have you faced in your board roles, and how have you overcome them?
Boards face challenges more than opportunities. Admit there are challenges as a group; take them head on with mitigation plans, influence others and pivot when needed.
Q. Have you observed a shortage of women on boards? If so, how have you navigated this imbalance?
Having served on over 56 corporate boards (36 public/20 private), I was typically the first woman on the Board; I always joined Nom/Gov or proctored those meetings to make sure great women were on the list to be considered when/if openings occurred. God gave me two arms – one to push myself forward: one to yank another woman right behind me!
Q. Have you encountered instances of self-doubt or imposter syndrome? If so, what strategies have you employed to overcome these challenges?
No – not in my DNA
Q. What advice would you give to women aspiring to join a board or just beginning their journey?
Be intentional; make a list of companies you admire, and your expertise would add value; then figure out ways to meet their board members.
Q. What has been the most rewarding aspect of serving on a board?
Growing Shareholder value in a sustainable way
Q. How do you balance your board responsibilities with other professional and personal commitments?
It’s a priority; I’ll move other things around to make sure I live up to my commitments and board expectations.
Q. What do you consider the most important traits for a board member to exhibit during meetings?
Ask questions; don’t make statements – that shuts down discussion; read the room; Listen twice as much as you speak (God gave us two ears and one mouth to do this!).
Q. How do you ensure your voice is heard and your contributions are valued?
I will say things 7 times; 7 different ways if necessary. I solicit feedback after meetings from Directors I admire to get their advice/insights.
Q. What are some key skills or experiences that you believe have contributed to your success as a board member?
Since I have sat on so many boards, I am experienced in board dynamics with different issues, company challenges/opportunities, mix of board member experience, Leadership Team assessments, etc.
Q. As a woman on a board, have you encountered any specific opportunities or advantages that believe have arisen from your unique perspective?
Since I speak only when I have something to add; and I do so in a way that keeps the dialogue going or making a reference to what might be “the elephant in the room” without accusation; and since I am looking for the opinions of others – especially board members who haven’t weighed in; I will respectfully ask those who can add value to the discussion to give us their insights.
Q. How do you approach continuous learning and personal development to enhance your effectiveness as a board member?
You can never stop learning or improving your capabilities; I keep an open mind, I take notes, I am well prepared for meetings, I research the industry dynamics and other players in the space; things are constantly shifting or changing – even when it subtle.
Q. What are some resources or networks that you have found helpful in your journey as a board member?
NACD, WCD, Chairs Programs, Board Bootcamps that I have hosted for new Board Members and up and coming talent.
Q. How important has networking been in your efforts to find and apply for board positions?
Networking is working. I always made a list of 15-20 individuals (CEO’s, C-Suite, Directors) that I wanted to have a meal with, and I would find a way to meet them and do exactly that. When you share a meal; you are equals at the table and the conversation is more about who we are – not what we do.