Fueled by a weak economy, a strong regulatory regime, and a litigious-hungry culture, lead directors today must wear more hats than ever before. But never are their skills so put to the test as they are during a crisis management situation.
“It’s a challenging, economic environment right now, and that’s put a lot of stress on a lot of companies,” says Bill Baxley, a partner at law firm King & Spalding. As a result, lead directors are expected to be much more actively involved with the board and senior management than in years prior in making sure companies are well prepared for a crisis, he says.
