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INSIGHTSINSIGHTS Contents LONERGAN PARTNERS INSIGHTS OCTOBER 31, 2015 Who Runs Board of Silicon Directors Edition In this edition, Mark Lonergan Valley profiles the board directors of the Silicon Valley 150. © 2015 Lonergan Partners. Who Runs Silicon Valley: Board of Directors Edition 1 of 1 INSIGHTS Contents Foreword “I welcome this report from Lonergan Partners in examining a relatively under-studied group of company boards and directors in the Silicon Val- ley. Their data-rich analysis will provide board directors and readers with valuable information for discussion and debate. I am pleased to have provided input and advice to this educational effort.” David Larcker David is a Stanford GSB Professor and Advisor to “Who Runs Silicon Valley: Board of Directors Edition” “The Silicon Valley Directors Exchange is pleased to sponsor this report on the board directors of the Silicon Valley. We hope this information will be useful in understanding our local brand of high tech governance, and contribute to the efforts of SVDX to educate boards.” Sponsor Christine Christine Russell is Chairman of SVDX. CFO of the Evans Analytical Group, Russell she currently serves as audit committee chair for QuickLogic Corporation (NASDAQ:QUIK), and has held numerous other board positions for tech- nology companies as well as non-profit organizations. Notices The people on our cover are all members of Silicon Valley 150 boards. A key to the SV150 boards they sit on is included at the end of this report. Their photo- graphs on the cover are provided for informational purposes and do not rep- resent an endorsement or recommendation of this report, its opinions, authors, advisors, or sponsors. The analyses, opinions, and perspectives herein are the sole responsibility of the author. The copyright for this report is held by Lonergan Partners. The material in this report may be reproduced and distributed without advance permission, but only if attributed. If reproduced substantially or entirely, it should include all copyright and trademark notices. For information regarding this report, contact Lonergan Partners at [email protected] © 2015 Lonergan Partners. Who Runs Silicon Valley: Board of Directors Edition 1 of 39 INSIGHTS Contents Contents Foreword .........................................................................................................................................................1 Who Contents .........................................................................................................................................................2 Runs Who Runs Silicon Valley .....................................................................................................................3 Silicon Valley Board Population ....................................................................................................4 Silicon Director Demographic Profile .........................................................................................................5 Valley Board Service Profile .............................................................................................................................6 Public Company Models ....................................................................................................................8 Board Chairmen ...................................................................................................................................... 11 The Board “Social Network”...........................................................................................................15 The CEO Board Network ..................................................................................................................17 SV150 Super Directors ...................................................................................................................... 18 Women Directors .................................................................................................................................. 19 Board Diversity of Thought ............................................................................................................23 Dual Class Stock Structure ............................................................................................................27 Director Compensation ....................................................................................................................28 Concluding Observations ...............................................................................................................30 Acknowledgments ..............................................................................................................................32 SV150 Boards by the Numbers ..................................................................................................33 Board & Director Superlatives .....................................................................................................34 Footnotes ....................................................................................................................................................35 © 2015 Lonergan Partners. Who Runs Silicon Valley: Board of Directors Edition 2 of 39 INSIGHTS Contents Who Runs Silicon Who Runs Silicon Valley Valley A Profile of Silicon Valley Boards & Directors By Mark Lonergan ilicon Valley companies lead the world in innovation. Apple, Google, SHewlett-Packard, Intel, Facebook, Twitter, and eBay are household names around the world. They taught us all how to dress for work, how to lay out the office, how to post and tweet and blog—and they can also teach us about how to govern a corporation. Behind the innovation and value creation, a group of relatively anony- mous individuals are the watchdogs of trillions of dollars of market value: Silicon Valley public company boards of directors. In 2015 alone, their Mark is the Founder and Manag- board decisions resulted in such diverse outcomes as the appointment of ing Partner of Lonergan Partners, Jack Dorsey as CEO of Twitter, the spin-off of PayPal from eBay, and the Silicon Valley’s largest indepen- acquisition of Aruba Networks by Hewlett-Packard. dent search firm. In this role, he has advised boards of directors Our report shines a spotlight on the largely unknown world of Silicon Val- on leadership issues for over ley corporate directors. With this profile we hope to make this little known twenty-five years. community easier to understand, and at the same time make a positive contribution to board governance in the Silicon Valley. Preview Mark is also President of the In our profile we found the boards of the Silicon Valley reflect their unique Silicon Valley Directors’ Exchange, cultural and business environment. A preview of some Silicon Valley dis- a network of corporate direc- tinctions we will explore in this report: tors whose mission is to promote the education of Silicon Valley • Relatively few women board directors boards. SVDX programs are jointly • Widespread involvement of Stanford degree holders sponsored with the Stanford Rock • Overlapping network populating Silicon Valley boards Center for Corporate Governance. • Founder-technologists as day-to-day leaders • High concentrations of founder voting power at companies with dual class stock structures © 2015 Lonergan Partners. Who Runs Silicon Valley: Board of Directors Edition 3 of 39 INSIGHTS Contents Silicon Valley Board Population ho are the board directors who run the Silicon Valley? We took as Wour population the 1,156 directors, both independents and insid- ers, who sit on the boards of the 1501 largest publically traded companies headquartered in the Silicon Valley. The San Jose Mercury News calls this list the Silicon Valley 150 (hereinafter simply the SV150). These companies all have headquarters in the five Bay Area counties: San Francisco, San Mateo, Santa Clara, Contra Costa, and Alameda. Silicon Valley 150 Basic Breakdowns By Industry By IPO Era By 2014 Revenue Clean Tech Consumer IT Over $4B The SV150 Web IPO 2010 or later Biotech / Health The Companies in the SV150 com- $500M – $4B pete in multiple tech industries, vary Networking in age from over fifty years old to less than one year as a public company, and span multiple revenue brackets. Semiconductor IPO before 2010 Under $500M The 100% bars to the right provide Enterprise IT a breakdown of 144 SV150 com- panies—six having been acquired prior to our study date. Our profile looked into the backgrounds and board service of each of the 1,025 individual people in this dataset. We wanted to know—are they men or women, how old are they, where do they come from, and how were they educated? We also wanted to know how long had they served on their boards, how well were they compensated, and did they sit on other SV150 boards? Our information is all based on publically available data, from govern- ment filings (our primary source has been the DEF 14A proxy statement), the company websites, press releases, business press bios, and news articles. We did not run any “background checks” on these folks, so we only know what they have been willing to tell the world. The dataset is also a snapshot in time, with our population being directors listed on their company websites as of August 15, 2015. Changes since that date are not reflected in our data. © 2015 Lonergan Partners. Who Runs Silicon Valley: Board of Directors Edition 4 of 39 INSIGHTS Contents Director Demographic Profile The Top Ten The typical SV150 board director: Top 10 Ranked National Universities
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