Melissa Sawyer, Global Head of S&C’s M&A Group, discussed considerations and strategies for assembling combined boards during megadeals with Agenda. She highlighted ways to manage challenging decisions when filling board leadership positions, noting “[t]here are some well-worn paths for compromise,” including executive chairs or sunsetting positions.
Regarding the other board positions, the focus should be on “who is value additive to the board and who's best placed with institutional knowledge about the target to bring new thinking and new learnings to the buyer’s board or the combined company’s board,” she said.
Read: Navigating ‘Sensitive’ Board Selection Choices During a Deal