Why Your Board Should Include a Long-Tenured Director

Last year’s Silicon Valley Bank (SVB) default brought the topic of corporate board makeup and tenure to the fore. At SVB, five directors out of 12 had a tenure of less than three years, with three of them having served for less than 12 months at the time of the collapse. Seven directors had served 13 years or more, and no director had specific banking experience prior to the appointment of Thomas King just a few months before the default.