Today at the Convergence conference I had the chance to catch up with two of the most beloved CEOs in biotech who stand out as role models to others. I had to ask: what practical/tactical steps are they taking to ensure more women get into the C-suite and onto boards? Here are their takes:
Mike Bonney – Former CEO, Cubist & CEO of Kaleido
First thing is intentionality: declare yourself committed to diversity if you are. I told Noubar [Afeyan, founder of Kaleido and head of Flagship Ventures] when I joined Kaleido that I would not take the company public with the board as it currently was (5 white guys). In this day and age, with the challenges and opportunities ahead we need more diversity.
There are three kinds of boards: 1) value destroying – have seen some of those; 2) fiduciaries who do their job and go home; and 3) boards that are true strategic assets – which is what I seek.
I have been studying microbes for some years…bacteria have very few genes compared to humans but can fend off nearly every threat to their existence. I want more diverse genes on my board. We have mastered skill and technical diversity. We need life and perspective diversity to be truly strategic.
Some practical steps for other CEOs:
- Make a woman chair of nominating and governance committee.
- When you do get a woman or minority director, invite them to address your team and share their journey and inspire others to seek board opportunities.
- Encourage women execs/leaders to join nor-for-profit boards to get fiduciary exposure to make them readier for corporate boards.
- Teach the finance: K’s, Q’s, P&Ls and balance sheets – if you run regulatory or clinical development, you are less exposed. You know P&L because you run budgets, but if you can take it up a strategic level and understand a powerful balance sheet, you are more prepared for the board room.
Stéphane Bancel – CEO of Moderna
Commit to diversity at every level. I am European and have worked in Asia…diversity is a core value for me. One of my first senior hires was a Muslim woman. I told my team: I don’t care what you look like – I want the most talented.
Some practical steps for other CEOs:
- Hire a woman as head of HR – I think this is the best way to ensure the execution of a commitment to diversity.
- Have a policy that not a single candidate can be presented to a manager for consideration until a woman has been sourced. Focus even at the lower levels of the company – this is where there is the greatest opportunity for change for the 10-15 year horizon. It is not easy but if you assert it as a policy it becomes a cultural value.
- Create a network of support and resources for women. Have every senior woman mentor a junior woman.
- Sponsor and advance women executives. I supported my head of HR to leave for Kaleido because they could offer her an executive leadership role that I could not. It was very difficult for me to let her go but the absolute right thing for her career.
Listening to these two, I can’t help but give a Women of Venture hat tip to the wonderful men who lean in.