In the high-stakes world of boardrooms, where decisions can make or break billion-dollar enterprises, the effectiveness of a board often hinges on one pivotal role: the Chair. From Fortune 10 giants to pre-IPO upstarts, a Chair’s ability to lead isn’t just about sitting at the head of the table, it’s about orchestrating the talent around it.

The best Chairs harness the unique skills of each board member, fostering a dynamic mix of decision-making and debate that leads to the best possible outcomes. While some individuals are naturally gifted in leading leaders, the most impactful board Chairs often develop their approach through relentless dedication, agility, accessibility, courage, humility, and integrity.

What Makes a Chair Exceptional?

Insights gathered from The Russell S. Reynolds Jr. Chair of the Year Award process reveal the traits that board members admire most in their Chairs:

1. A Trusted Partner and Coach
   Exceptional Chairs work closely with the CEO and the board, actively participating in strategic planning and monitoring business execution. They don’t just observe; they engage, offering guidance that aligns strategies with the company’s goals.
2. Focusing Time on Tough Strategic Issues
   Great Chairs steer the board’s attention toward complex challenges and risks, prioritizing the tough conversations that drive long-term value. Their leadership shines brightest when navigating uncertainty and inspiring excellence.
3. Master Communicator and Facilitator
   The ability to foster open dialogue and build consensus is key. Top Chairs don’t just facilitate meetings—they cultivate an environment where diverse viewpoints are encouraged, and every director feels heard. This leads to productive discussions and well-informed decisions.
4. Crisis Leadership
   Their strategic acumen, deep understanding of the business, and focus on shareholder value are crucial to guiding the company through turbulence. They remain a steady hand, ensuring that the board stays focused on what matters most.
5. Cultivating Trust and Embracing Diverse Perspectives
   The most revered Chairs create a culture of trust and inclusivity, where diverse opinions aren’t just welcomed—they’re expected. This culture allows the board to explore all angles, pushing past surface-level discussions to uncover the most innovative solutions.
6. Strategic Engagement and Providing an ‘Outside View’
   Great boards are deeply involved in strategy, often acting as a sounding board for management. They challenge the status quo, bringing an external perspective that sharpens strategic thinking. This proactive involvement ensures that the company’s direction benefits from a broader, more diverse set of insights.
7. Big-Picture Mindset and Objectivity
   Effective Chairs are forward-thinking, balancing short-term wins with long-term vision. They steer the board toward critical strategic issues and emerging risks, ensuring that decisions are grounded in a comprehensive understanding of the company’s future.

Over the past few decades, we have seen the best boards have a “leader among leaders” as their Chair as well as stable of other capable and respected Directors who have the universal support to assume the Chair position if the time comes.  In the end, the secret ingredient to Chair effectiveness isn’t just about who they are; it’s about how they lead, inspire, and elevate those around them. We are here to help boards make sure they get it right.

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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services. 

RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.

In 2022, RSR Partners established the Russell S. Reynolds, Jr. Chair of the Year Award, which annually recognizes a Chair of a public company’s Board of Directors who successfully led the board through significant business or governance challenges. The award celebrates the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership.

The role of the Chief Financial Officer in family offices has become more complex and consequential. Far beyond traditional financial oversight, today’s CFO is a strategic partner, tasked with preserving and growing multi-generational family wealth and legacies. While the specific needs of each family office will vary, we’ve observed several key characteristics that are consistently prioritized in the search for today’s ideal CFO.

With more than three decades of experience advising family offices, our team has witnessed a clear and growing shift: the demand for strategic CFOs is accelerating. This trend is particularly pronounced in family offices, whether newly formed or well-established, as they look to increase their assets, prepare for succession, or elevate their operational capabilities.

The Evolving Role of the Family Office CFO

The modern family office CFO must combine deep technical expertise with a nuanced understanding of the interpersonal dynamics unique to family environments. Identifying the right leader for this multifaceted role is no longer just about financial acumen—it’s about finding someone who can navigate complexity, provide long-term strategic vision, and build trust across family generations. From managing intricate investments, tax strategies, and regulatory compliance, a skilled CFO provides centralized oversight to reduce risk and ensure transparency.

Their impact is particularly significant during succession planning, where wealth transfer brings challenges like tax optimization and family governance. CFOs design strategies that preserve both assets and family values, while also guiding philanthropic efforts to align financial resources with legacy goals. By educating family members and simplifying complex financial matters, CFOs foster harmony and create governance structures that sustain long-term wealth.

As family offices embrace digital transformation, CFOs are now leading the adoption of new technologies, including AI, to streamline operations and enhance decision-making. Leveraging data analytics, they uncover trends, optimize portfolios, and strengthen cybersecurity, ensuring families remain competitive and secure in an ever-evolving financial environment.

What to Look for When Recruiting a Family Office CFO

Selecting a CFO is not about identifying a jack-of-all-trades but a professional whose expertise aligns with the specific needs and vision for the office. While technical proficiency in areas like financial planning, asset management, and compliance is a must, the most successful candidates also bring strategic vision and emotional intelligence to the table.  The endgame is finding someone that will have the unwavering trust of the family.  This is easy to say, but often difficult to achieve. However, we have found there are five core competencies that most family offices prioritize when evaluating and selecting their next CFO.

1. Cultural Fit: A family office CFO must align with the family’s values and integrate seamlessly into its culture. Unlike corporate settings, where professional detachment often prevails, family offices demand a high degree of trust and alignment with their unique ethos. A CFO must be able to build relationships based on discretion, respect, and a shared vision.

2. Strategic Vision: The ideal candidate combines technical proficiency with strategic foresight. Whether managing global investments, navigating complex tax structures, or leading ESG initiatives, a forward-thinking CFO adds significant value by aligning financial strategies with long-term family objectives.

3. Adaptability: Given the evolving nature of family dynamics and financial markets, a successful CFO must exhibit agility and a willingness to embrace change. This includes staying ahead of regulatory shifts, adapting to new investment opportunities, and guiding the family through transitions such as leadership succession or market volatility.  We have seen many successful family offices transition into full-blown asset managers. So, it is important for them to think about what is needed today but with an eye towards the future. By fostering a culture of continuous learning and improvement, CFOs can ensure that the family office stays ahead of the curve.

4. Interpersonal Skills: As the liaison between family members and external advisors, a CFO must communicate effectively across varied audiences. They should be adept at simplifying complex financial concepts for non-experts and facilitating open dialogue within the family.

5. Technological Expertise: In an era of rapid digital transformation, a tech-savvy CFO is invaluable. From streamlining operations with advanced systems to implementing robust cybersecurity measures, technology-driven innovation enhances efficiency and protects sensitive financial data. An experienced CFO who can leverage analytics and models for better decision-making is paramount.

How to Evaluate Candidates for the Role

Identifying and evaluating CFO candidates has become increasingly complex. While some family offices try to utilize their referral networks to find the right CFO, they are frequently unsuccessful when they haven’t created a “success profile” for how the role will help operationalize the vision of the office. As each family office is unique, a great CFO at one family office does not guarantee success at another.

We have found that families should prioritize a rigorous alignment, identification, and evaluation process that includes craft demos, scenario-based assessments, and in-depth interviews. For example, asking candidates to describe their experience with intergenerational wealth transfer or resolving family conflicts can reveal critical insights into their problem-solving abilities and interpersonal skills. Additionally, any formal and back-channel references should be scrutinized to ensure alignment with the family’s expectations for discretion and integrity. Given the sensitive nature of the role, a successful hire must inspire unwavering trust.

With decades of experience advising family offices, RSR Partners is uniquely positioned to help families navigate the complexities of this critical decision. Our specialized team understands that the perfect CFO is not a one-size-fits-all solution but a tailored match for your family’s unique needs and aspirations. We go beyond traditional recruitment by conducting a comprehensive assessment of your family office’s requirements. From understanding your family’s values and financial objectives to identifying the technical and interpersonal attributes necessary for success, our proven approach ensures that we deliver candidates who excel both professionally and culturally. Our experience, reputation, and existing network allow us to get the “real scoop” and back-channel references on almost any candidate.

If your family office is on this journey, we can help you identify a strategic CFO who will act as a catalyst for intergenerational wealth preservation and growth for the future.

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Brett Stephens, Lindsay Griesmeyer, Maryann Bovich and Ed Fowler are members of the Family Office practice at RSR Partners. RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon Russell S. Reynolds, Jr. The firm has conducted thousands of projects for Boards and CEOs at public, private equity-backed, and family-owned businesses across a range of industries including asset management, consumer goods and services, industrial, technology, and healthcare.

As mutual fund governance continues to evolve, selecting the right trustees is more important than ever. With over two decades of experience collaborating with well-regarded fund boards, we have identified some trends to consider when choosing your next trustee.

• Financial, Risk, and Regulatory Oversight – Trustees face increased regulatory demands for transparency and accountability. They must be aware of new compliance standards and proactively address risks related to issues such as liquidity and derivatives exposures. Qualified financial experts remain in high demand to bolster fund boards’ knowledge and understanding of complex financial statements and reporting requirements, as well as provide leadership potential for audit committees.

• Demand for Specialized Expertise – Today’s trustees require skills beyond traditional oversight. Investment products on fund platforms continue to grow in variety and complexity. To respond, boards need to add the right mix of trustees who bring functional expertise to the discussion in the boardroom. Areas of specialized skills and talents may include investments (both traditional and alternative); operational oversight; and knowledge of products and distribution platforms. These industry experts also help boards envision and prepare for “what’s coming around the corner.”

• Technological Knowledge – The use of technology is growing in all aspects of the fund industry—such as in the areas of investment process, financial and/or operational audits, and customer interface applications. Trustees must understand how technology is being utilized and assess its effectiveness. Oversight of service providers is also critical to consider any possible risks to delivery of services (such as a cyber-attack or leak of sensitive personal data). Boards have recruited technology expertise to keep up with these trends. 

• Fiduciary Responsibility and Accountability – Shareholders are now more engaged and vocal about their preferences and expectations. For mutual fund boards, trustees must understand the mindset of and role as a fiduciary advocating on behalf of those shareholders. This includes the responsibility to ensure clarity and transparency regarding fund strategies and performance. 

Trustee Search Tips

Recruiting mutual fund trustees has become highly competitive and great talent moves quickly! Based upon the most successful processes and outcomes we have witnessed, here are some recommendations for your next search:

• Start Yesterday – Effective boards recruit before an upcoming retirement. By developing a candidate pipeline well in advance of departures, boards are better able to manage transitions, provide useful overlap of trustees, and ensure effective on-boarding activities.

• Failing to Plan is Planning to Fail – Aim to recruit trustees with leadership potential. Avoiding succession planning may lead to future issues in board leadership.

• Add What You Need; Not What You Lost – With retirements, focus on current board needs and goals while recruiting new trustees. Open seats afford boards the chance to enhance skills and refresh in a non-disruptive fashion. Take advantage of that opportunity.

• Conflict Free – As always, and as soon as possible, it is critical to carefully select and ensure that potential trustees are truly independent and free from any conflict of interest.

• Diversity Matters: Prioritize Talent Over Title – Successful boards have a true mix of talents and abilities. They benefit greatly from the recruitment of a broad array of C-suite and senior leadership professionals with a variety of functional backgrounds and skills. Boards continue to work to capture diversity of thought and experiences to achieve a goal of building a more inclusive and representative culture.

The right trustees can future proof a board and strengthen its foundation. We are here to help you navigate these trends and recruit trustees who will add lasting value.

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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services. Maryann Bovich is Co-Head of the firm’s Asset Management practice and Head of the Mutual Fund Trustee practice. 

RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon Russell S. Reynolds, Jr. In 2017, the firm expanded its capabilities in Asset Management through the addition of Higdon Partners. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.

Presented by RSR Partners

Greenwich, Conn., July 24, 2024 – RSR Partners, a leading board and executive search firm, announced today that its annual Chair of the Year Award nomination process has begun. The award celebrates the legacy of Russell S. Reynolds, Jr. (“Russ”), who has spent more than 50 years advising boards and CEOs on leadership and governance. The award recognizes a Chair who has successfully led a public company through a recent and significant business or governance challenge.

“Last year’s inaugural winner, Sarah Nash, set the standard for the award. Her extraordinary accomplishments as Chair of Bath & Body Works include playing a pivotal role in the company’s transformation and spin-out of Victoria’s Secret; recruiting directors to build two new boards; productively navigating an activist campaign; and managing a successful CEO selection and transition process. The leadership and character demonstrated by Sarah during these critical moments is a great example of the importance of board leadership,” said Brett Stephens, CEO of RSR Partners.

To nominate a Chair for the award, please complete the nomination form by October 18, 2024. Any Chair of a U.S. public company with revenue or a market cap greater than $1 billion may be considered. The Chair of the Year Award recipient is chosen by an independent selection committee comprised of renowned experts in the areas of strategic communications, leadership assessment, shareholder activism defense, investment management, human capital, consulting, and corporate governance. This year’s committee includes:

• Mikaela Boyd, Americas Financial Services Practice Leader of Bain & Company
• Nik Deogun, CEO of the Americas of Brunswick Group
• Dan Hawkins, Founder & CEO of Summit Leadership Partners
• Kim Lew, President and CEO of Columbia Investment Management Company
• Sarah Nash, 2023 Chair of the Year Award Winner
• Brett Stephens, CEO of RSR Partners

The winner of the award will be announced in February 2025 at the RSR Partners’ Annual Directors Dinner in New York City.

About Russell S. Reynolds, Jr.

Russell S. Reynolds, Jr. (“Russ”) is an American business executive, author, and founder of two of the search industry’s most prominent firms. Considered one of the pioneers of today’s executive search and board recruiting profession, Russ has counseled the boards and CEOs of many of the world’s leading companies over the past 50 years. In 1969, he founded Russell Reynolds Associates, which soon became one of the world’s leading international executive recruiting firms. Russ sold his interest in the firm in 1993. In 1994, Russ founded The Directorship Group (later named RSR Partners) where he served as Founder and Chairman until 2022. 

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Contact
Lindsay Griesmeyer
+1 (203) 618-7076
media@rsrpartners.com   

Dear Clients and Friends,

2023 was a dynamic and transformative year across the corporate landscape, and so far, we expect this trend to continue in 2024. Leadership in the boardroom and C-Suite has never been more indispensable. From our beginnings as a boutique board advisory firm, to our evolution into a “boardroom-centric” search firm, we are incredibly proud to work with so many companies that believe that great leadership is a competitive advantage, and with candidates who have a genuine and positive impact on the world around them.

One of the ways we celebrate great leadership is with the Russell S. Reynolds, Jr. Chair of the Year Award. The Chair of the Year Award was established in 2023 to celebrate the legacy of Russ Reynolds, an icon of the executive search and board recruiting industry. The award recognizes a Chair who successfully led a Board of Directors through significant business or governance challenges. As featured in Fortune magazine, the inaugural award was presented to Sarah Nash, Chair of Bath & Body Works, at our annual Directors Dinner in New York in October. We were delighted to recognize Sarah’s extraordinary leadership and character. We hope that many of you will nominate a Chair for the award this year and join us at our Directors Dinner in October.

Our Board practice continues to anchor the firm’s activities and provide enhanced insights and connectivity to assist our executive searches across our core practice areas (Asset Management, Consumer, and Industrial Technology). Our collaborative approach – a hallmark of our firm – helped bring to light some of the trends we expect to be explored by boards and C-Suite leadership teams in 2024:

• Alignment of culture, a learning mindset, and diversity of opinions are now more important than ever on boards and C-Suite teams. The world has changed and what worked in the past will not work in the future. It is therefore critical to perform a robust and comprehensive competencies gap analysis at the board level and across key functional leaders. Does the board and the company foster an environment of intellectual curiosity, and an open and constructive dialogue without limiting different viewpoints or alienating members? Having the right culture is the foundational element for high performance.
• Risk governance requires board and executive leaders to focus not only on current and urgent risks, but to also more carefully consider low probability or unknown risks that may have enormous impact on the business. There have been many “black swan” events emerging, and as a result, creative scenario planning is required. Our recent thought piece, The Chief Supply Chain Officer Imperative: Anticipate and Plan for Disruption, discusses the need to develop operational resilience. It also might be worth establishing a committee or an advisory committee to focus on geopolitical risks.
• Don’t be left behind on AI. The NACD recently reported on the acceleration of science, technology, and/or innovation committees formed at the board level, noting that 67 Fortune 500 companies now have one or more of these committees. Does your board and leadership team have the skillset to understand generative AI, emerging/disruptive technologies, and cyber risk? Or do you need to recruit the right talent to help meet these challenges?
• The Universal Proxy Card will now be used in proxy contests to target the performance of individual directors. Activism is also expected to increase in 2024. It is important to establish action plans and accountability. Evaluations can help boards plan for succession and recruit to fill gaps in skills and experience.
• A new risk has emerged – 74% of executives surveyed by Mercer (Global Talent Trends report) stated that the majority of their workforce cannot adapt to the new world of work. People are key to competitive advantage and value creation – it is critical to know in what environments employees are productive and feel appreciated. Human capital management can play a critical role at an organization, especially in light of the new SEC disclosure rules coming in 2024.
• Lastly, board and leadership burnout is real. Time demands and pressure on directors and corporate leaders have increased substantially. Our recent thought piece, The Divergent Voice: A CEO Formula for the Current Fog of Business, discusses the complexities of being a business leader in today’s environment.

We look forward to continuing to assist our clients with their most important, complex, and sensitive leadership and governance concerns in 2024. We believe that RSR Partners is uniquely situated in the industry to provide unparalleled access and insight into top-performing business leaders. In addition to our board recruiting capabilities, we offer our clients a broad set of other Board and CEO services. Should you have any important board or C-Suite leadership needs in the coming year, we would be delighted to share our capabilities and expertise to help you. More importantly, we look forward to our continued friendship with you all. 

With gratitude,

Barrett J. Stephens
Chief Executive Officer
Email | LinkedIn | Bio

Dear Clients and Friends,

As we reflect on 2023 and consider the possibilities for 2024, our Board Practice extends our heartfelt gratitude for your ongoing trust and support. It has been a dynamic and transformative year for the corporate landscape, and we are delighted to have navigated it alongside you. Leadership in the boardroom and C-Suite is simply indispensable.

In 2023 we initiated the Russell S. Reynolds, Jr. Chairman of the Year Award. The Chair of the Year Award was established to celebrate the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership. The award recognizes a Chair who successfully led a public company Board of Directors through significant business or governance challenges. As featured in Fortune magazine, the inaugural award was presented to Sarah Nash, Chair of Bath & Body Works, at our annual Directors Dinner in New York in October. Sarah demonstrated remarkable leadership juggling a spin-out of Victoria’s Secret, managing a CEO succession, handling activists as well as other business challenges all seemingly simultaneously. We were delighted to recognize her extraordinary governance and business guidance. We hope that many of you will join us for next year’s Directors Dinner and Chair of the Year Award.

Throughout 2023, the RSR Board Practice continued to act as the heart of our firm, not only assisting a wide range of clients with their critical governance related needs, but also informing and distinguishing our executive recruiting efforts. As we reflect on the coming year, we have several thoughts on governance issues that we expect to be at top of mind in boardrooms in 2024:

• Alignment of board culture, a learning mindset, and diversity of opinions are now more important than ever on boards as companies face geopolitical risks. The world has changed and what worked in the past will not work in the future. It is therefore more important than ever to perform a robust and comprehensive board competencies gap analysis. It also might be worth establishing a committee or an advisory committee to focus on geopolitical risks.
• Risk governance requires boards to focus not only on current urgent risks, but to also more carefully consider low probability or unknown risks that may have enormous impact on the business. There have been too many “Black Swan” events emerging, and as a result, boards need to do more creative scenario planning.
• Perform a board culture audit. Does the board foster an environment of intellectual curiosity, and an open and constructive dialogue without limiting different viewpoints or alienating members? Should the board have more executive sessions? Having the right culture is the foundational element of a high-performing board.
• Don’t be left behind on AI. The NACD recently reported on the acceleration of science, technology and/or innovation committees formed at the board level, noting that 67 Fortune 500 companies now have one or more of these committees.. Does your board have the skillsets in existing directors to understand generative AI, emerging/disruptive technologies, and cyber risk? Or should new directors join the board to help meet these challenges? Does your board understand and have the proper governance structure to oversee the company’s generative AI efforts?
• Improve board evaluations, including board and committee leadership, and individual directors. The Universal Proxy Card will be used in proxy contests to target the performance of individual directors. It is important to establish action plans and accountability. Evaluations can help boards plan for succession and recruit to fill gaps in skills and experience.
• Activism will increase in 2024. Is your board prepared? Do you have the right advisors?
• A new risk has emerged – 74% of executives surveyed by Mercer (Global Talent Trends report) stated that the majority of their workforce cannot adapt to the new world of work. People are the key source of competitive advantage and value creation – it is critical to know in what environments employees are productive and feel appreciated.
• Increased board and committee oversight of human capital management is required, especially in light of the new SEC disclosure rules coming in 2024.
• Lastly, board burnout is real. Time demands on directors have increased substantially. Be mindful of the capacity of directors and their ability to absorb board communications and information, as well as time allocated to meetings.

We look forward to continuing to assist our clients with their most important, complex, and sensitive leadership and governance concerns in 2024. We believe that RSR Partners is uniquely situated in the industry to provide unparalleled access to and insight into top-performing business leaders. In addition to our board recruiting capabilities, we offer our clients a broad set of other Board and CEO services. Should you have any important board or C-Suite leadership needs in the coming year, we would be delighted to share our insight and expertise to help you. More importantly, we look forward to our continued friendship with you all. 

Greenwich, Conn., October 26, 2023 – RSR Partners, a leading board and executive search firm, presented the inaugural Russell S. Reynolds, Jr. Chair of the Year Award to Sarah E. Nash, Chair of the board of Bath & Body Works. The award was presented to Sarah at the firm’s annual Directors Dinner in New York City on October 25, 2023.

The Chair of the Year Award was established to celebrate the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership. The award recognizes a Chair who successfully led a public company Board of Directors through significant business or governance challenges. The winner of this year’s award was chosen from more than 30 nominations by an independent selection committee comprised of renowned experts in their fields, including Mikaela Boyd, Nik Deogun, Ed Kangas, Kim Lew, Christie Smith, and Brett Stephens.

“Sarah led the Bath & Body Works board through an incredible governance and business transformation,” said Kim Lew, a member of the selection committee. “Her accomplishments include leading the spin-off of Victoria’s Secret; collaborating with the nominating and governance committee on the recruitment of exceptional and highly diverse talent to the board of Bath & Body Works and the new board of Victoria’s Secret; navigating a successful CEO transition and selection process; and building a constructive path forward after an activist campaign. The leadership and integrity exhibited by Sarah is an example of how important board leadership is during times of turbulence. She is very worthy of this award.”

“This award recognizes Sarah’s extraordinary leadership, dedication and service to Bath & Body Works over the past few years,” said Steve Steinour, Chair of the Bath & Body Works Audit Committee. “Sarah served as Bath & Body Works’ Interim CEO with very short notice, where she played a pivotal role in the company’s transformation with its spin-off of Victoria’s Secret. During her tenure, Sarah has exemplified strong business acumen including leading a successful shareholder derivative settlement and navigating a complex supply chain reset with partners. She has exemplary people management skills such as overseeing multiple chief executive officer transitions, recruitment efforts for eight board members, and leading the company during the onset of COVID. We are grateful for her contributions and leadership since her assumption of the role of chair in May 2020.”   

“I’m incredibly proud of my fellow directors and the leadership team at Bath & Body Works,” stated Sarah. “They have shown irrefutable dedication to the vision we all share for this company. Their input and support throughout this past year was invaluable, and we have much to look forward to. I am also grateful to be recognized by an award that pays tribute to Russ, his legacy, and his impact on how board leadership is viewed and valued.”

“Sarah’s terrific,” commented Russ. “She possesses the characteristics of a great leader. She is objective, open to advice, decisive, and a good communicator. She operates with integrity and puts the company’s and others’ needs ahead of her own. I also started my career at JP Morgan, so I was particularly thrilled to see we share a fondness for finance and banking. I look forward to seeing how Sarah develops as a board leader and continuing to celebrate her achievements.”

About Russell S. Reynolds, Jr.

Russell S. Reynolds, Jr. (“Russ”) is an American business executive, author, and founder of two of the search industry’s most prominent firms. Considered one of the pioneers of the executive search and board recruiting profession, Russ has counseled the boards and CEOs of many of the world’s leading companies over the past 50 years. In 1969, he founded Russell Reynolds Associates, which soon became one of the world’s foremost international executive recruiting firms. Russ sold his interest in the firm in 1993. In 1994, Russ founded the Directorship Group, later named RSR Partners, where he served as Founder and Chairman until 2022.

About Sarah E. Nash

Sarah E. Nash has served as Chair of the board of Bath & Body Works, Inc. since January 28, 2023. She served as Executive Chair of Bath & Body Works, Inc. from February 2022 to January 2023 and as the Interim Chief Executive Officer from May to November 2022. Prior to being appointed Executive Chair, she served as Chair of the board between May 2020 and February 2022 after having joined the board as an independent director in May 2019. Sarah is also Chief Executive Officer and owner of privately held Novagard Solutions, an innovator and manufacturer of silicone sealants and coatings and hybrid and foam solutions for the Building Systems, Electronics, EV and Battery and Industrial and Transportation markets.

Sarah spent nearly 30 years in investment banking at JPMorgan Chase & Co. (and predecessor companies), a financial services firm, retiring as Vice Chairman of Global Investment Banking in July 2005. She served on the board of directors of Knoll, Inc., a designer and manufacturer of lifestyle and workplace furnishing, textiles and fine leathers, from 2006 through its acquisition by Herman Miller, Inc. in 2021 and privately held Irving Oil Company through March 2022.

Sarah currently serves on the boards of directors of Blackbaud, Inc., a software company providing technology solutions for the not-for-profit industry, and privately held HBD Industries, Inc., a manufacturer and supplier of general purpose and application-engineered industrial products. Sarah is Trustee of the New York-Presbyterian Hospital, a member of the Smithsonian Tropical Research Institute (STRI), Panama and the Chair of the International Advisory Board of the Montreal Museum of Fine Arts. She also served as a member of the National Board of the Smithsonian Institution through 2022. Sarah holds a BA in political science from Vassar College.

About the Chair of the Year Award

RSR Partners announced the establishment of the Russell S. Reynolds, Jr. Chair of the Year Award in October of 2022. The award will annually recognize the Chair of a public company’s Board of Directors that has successfully led the board through significant business or governance challenges. The award celebrates the legacy of Russell S. Reynolds, Jr. (“Russ”), who has spent more than 50 years advising boards and CEOs on leadership and governance.

To be eligible for the award, a nominee must serve as a Chair of a board of directors at a U.S. public company with revenue or market cap greater than $1 billion. The nomination period takes place from August through September. The winner of the award will be chosen by an independent committee comprised of renowned experts in the areas of strategy, finance, strategic communications, shareholder activism defense, investment management, human capital consulting, and corporate governance. This year’s committee included:

• Mikaela Boyd, Americas Strategy Practice Head of Bain & Company
• Nik Deogun, CEO of the Americas of Brunswick Group
• Ed Kangas, Former Global Chairman and CEO of Deloitte
• Kim Lew, President and CEO of Columbia Investment Management Company
• Christie Smith, Talent & Organization/Human Potential Global Lead of Accenture
• Brett Stephens, CEO of RSR Partners

More information about the award can be found at: www.chairoftheyearaward.com.

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Contacts
Lindsay Griesmeyer
+1 (203) 618-7076
media@rsrpartners.com             

Annual Award Named After Russell S. Reynolds, Jr.

Greenwich, CT, June 8, 2023 – RSR Partners, a leading board and executive search firm, announced today that it has established the Russell S. Reynolds, Jr. Chair of the Year Award. The award will annually recognize the Chair of a public company’s Board of Directors that has successfully led the board through significant business or governance challenges. The award celebrates the legacy of Russell S. Reynolds, Jr. (“Russ”), who has spent more than 50 years advising boards and CEOs on leadership and governance.

“I am honored that this award will become an annual way of recognizing exceptional board leadership,” said Russ. “The real trick in selecting great board leaders is not only focusing on their experience and specific skill sets, but on whether they have the foresight, curiosity, character, and courage to lead.”

The winner of the award will be chosen by an independent committee comprised of renowned experts in the areas of strategy, finance, strategic communications, shareholder activism defense, investment management, human capital consulting, and corporate governance. The committee includes:

• Mikaela Boyd, Americas Strategy Practice Head of Bain & Company
• Nik Deogun, CEO of the Americas of Brunswick Group
• Ed Kangas, Former Global Chairman and CEO of Deloitte
• Kim Lew, President and CEO of Columbia Investment Management
• Christie Smith, Talent & Organization/Human Potential Global Lead of Accenture
• Brett Stephens, CEO of RSR Partners

“Russ has observed how highly effective boards and CEOs operate during their most seminal moments,” stated Brett Stephens, Chief Executive Officer of RSR Partners. “There is no better way to honor Russ’ innate talent for identifying and evaluating leaders than with an award in his name that recognizes the incredible impact a Chair can have on an organization’s leadership and long-term success.”

Public company directors will be invited to submit their recommendations beginning June 8^th. Any Chair of a board of directors at a U.S. public company with revenue or market cap greater than $1 billion may be nominated. The award winner will have successfully led the board and executive team through a significant business or corporate governance challenge. The inaugural winner will be announced in October at RSR Partners’ Annual Directors Dinner in New York City. Information about the award can be found at: www.chairoftheyearaward.com.

About Russell S. Reynolds, Jr.

Russell S. Reynolds, Jr. (“Russ”) is an American business executive, author, and founder of two of the search industry’s most prominent firms. Considered one of the pioneers of today’s executive search and board recruiting profession, Russ has counseled the boards and CEOs of many of the world’s leading companies over the past 50 years. In 1969, he founded Russell Reynolds Associates, which soon became one of the world’s leading international executive recruiting firms. Russ sold his interest in the firm in 1993. In 1994, Russ founded the Directorship Group (later named RSR Partners) where he served as Founder and Chairman until 2022.

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Contacts
Lindsay Griesmeyer
+1 (203) 618-7076
media@rsrpartners.com   

Dear Clients and Friends,                                                                        

We appreciate your continued trust and support. Without the confidence of our valued, long-standing clients and friends, we would not be able to do what we love. As 2023 marks the 30th anniversary of RSR Partners, the new year presents an opportunity to share with you our reflections upon our firm and the marketplace.

In 1993, our Founder, Russ Reynolds, embarked on a journey to create a new firm that was distinct from his first, Russell Reynolds Associates. RSR Partners began as a small board advisory firm, initially well-regarded for its Directorship publication, which is now owned by the National Association of Corporate Directors (NACD). Over time, our firm has grown and evolved to become one of the premier board recruiting and executive search firms engaged by boards and CEOs to advise them on their most important and sensitive search needs. We are unique in our boardroom vantage point, our ability to be selective, and access to the wisdom of an industry icon who acts as our beacon regarding what makes great leaders.

2022 was another productive and impactful year for our firm and our clients and candidates. While our board search and advisory practices continue to be the backbone of the firm, our C-Suite search expertise was utilized across a myriad of industries and situations. Additionally, the firm marked an important milestone this summer when Todd Ruppert seamlessly transitioned into the role of our Chairman, succeeding Russ Reynolds, who continues to provide us with advice and counsel. We were also excited to have Eric Douglas Keene and Dick Hoag join the firm to continue to strengthen the board and CEO services we provide for industrial, consumer, and financial services clients.

As most of our client engagements are confidential, complex, and highly sensitive, we are unable to publicly promote the details around these successes. That said, we are seeing not only an increased demand for our services, but also a growing demand for boards to enhance their capabilities and effectiveness, and for CEOs to address specific gaps in their leadership team.

Some recent examples include:

• Guiding the board of a Fortune 500 consumer products company on Chairman succession and the recruitment of two new board members.
• Advising a large asset management business to identify, assess, and select two new mutual fund trustees.
• Partnering with the CEO and owners on the selection of a CFO for a private equity backed consumer products business.
• Helping the CEO of a Fortune 500 industrial technology company identify, assess, and select a transformational CHRO.
• Advising the CEO on the selection of new CMO for a large pre-IPO private equity backed data and analytics business.
• Providing external CEO succession candidates for a multibillion-dollar family owned industrial and consumer products company.
• Partnering with the board of directors on the recruitment and selection of a new Executive Chairman for a prominent and disruptive leader in the mobility and electrification industry.
• Consulting and recruiting for a prominent family office on the selection of a new CEO and CFO.

We see tremendous opportunity for leaders to rise to the occasion in these still uncertain times. Our society must continue to seek out and support individuals who have the potential to become great leaders, especially with an eye towards the diversity of thought that continues to shape our cultural fabric. Successful companies and communities are only created by having the right people, which continues to be our quest for our firm and for our clients.

We look forward to our anniversary this December with pride in our firm’s past and confidence in its future. In the event you have a sensitive board or executive search needs in the coming year, we would be happy to discuss the situation in confidence.

We wish you and your colleagues much success in 2023 and beyond.

—
Barrett J. Stephens
Chief Executive Officer 
O: +1 (203) 618-7022 
BStephens@RSRPartners.com