It’s official!
BlackRock co-founder Barbara G. Novick will claim her seat as an independent director at Intel Corporation effective December 1, 2022. The 62-year-old power broker will serve on the Audit & Finance Committee and Compensation Committee as of the effective date.
Intel Corporation, a world leader in the design and manufacturing of central processing units and semiconductors, made the announcement on Tuesday, November 22, 2022.
“As co-founder and leader of one of the world’s most successful investment firms, Barbara brings a unique perspective to Intel’s board,” Omar Ishrak, chairman of the Intel board, said in a statement. “With her deep experience in investment and finance as well as broad business acumen, Barbara will be a strong advocate for the interests of our stockholders as Intel continues its transformation.”
Why You Should Know Barbara G. Novick
Barbara is a co-founder and senior advisor at BlackRock Inc, one of the world’s largest asset management houses. As of December 31, 2021, BlackRock has more than $10 trillion in assets under management.
Novick graduated from Cornell University with a Bachelor of Arts, cum laude, in economics.Barbara was one of eight co-founders of BlackRock Securities in 1988. In February 2021, she transitioned from Vice Chairman to Senior Advisor.
Novick also serves on the boards of directors of New York Life Insurance Co., a mutual insurance company. She’s been on the board since October 4, 2021 and serves on the Board’s Insurance & Operations and Investment Committees.
On June 2, 2021, the American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that Barbara would serve as an independent director on AFX’s Board of Directors.
“Barbara Novick is an outstanding addition to the AFX Board. She is knowledgeable, experienced and well-regarded throughout the industry,” Sheila Bair, past chairwoman of the Federal Deposit Insurance Corporation, said in a statement.
How to Land a Paid Corporate Board Position
There are three common ingredients that you will see when looking at members of a company’s board of directors: leadership, expertise, business acumen.
Barbara has showcased her expertise and business acumen by serving as a leader at one of the most successful asset management firms in the world and authoring numerous articles on asset management and public policy. In 2020, she was recognized as Barron’s 100 Most Influential Women in U.S. Finance in 2020.
Barbara has also served on many industry boards and committees, including:
- Peterson Institute for International Economics Board
- 100 Women in Finance Board
- Center for Financial Stability Advisory Board
- Committee on Capital Markets Regulation
- Growth Curve Capital advisory board
- Millstein Center for Global Markets and Corporate Ownership Advisory Board.
From 2012 through 2020, Barbara served on the board of Cornell University. She served on the board of the Investment Company Institute from 2015 to 2021.
How Much will Novick Get Paid as a Board of Director at Intel?
Barbara will receive an annual cash retainer of $90,000 plus any committee fees she earns. In Q1 2023, she will receive an award of non-employee director time-based restricted stock units with a value on the grant date of approximately $91,667, which will be pro-rated. The award will vest on the earlier of May 12, 2023 and the date of Intel’s Annual Stockholders’ Meeting in 2023.
Below is a snapshot of Intel’s latest 14A so that you can get a behind the scenes picture of director compensation.
Find the Skills that Matter Most
When developing your career plan and prepping for board seats, it’s important to understand the skills and experience that matter most to the companies on your radar.
If you are looking to sit on the board of a company like Intel, here are the skills you should add to your toolkit:
- Senior Leadership
- Global/International
- Industry and IT/Technical
- Financial Expertise
- Human Capital
- Operating and Manufacturing
- Sales, Marketing, and Brand Management
- Emerging Technologies and Business Models
- Business Development and M&A
- Cybersecurity/Information Security
- Government, Legal, and Regulatory
- Public Company Board
The two skill categories that are rare among board members include financial expertise and government, legal, and regulatory. One skill that everyone can develop to increase their chances of board leadership is to increase their financial acumen, specifically learning how to read financial statements.
The board of directors typically meet once a quarter to talk about broad strategic issues. These conversations can include discussions about strategic business acquisitions, stock buybacks, the company’s borrowing policy, and primary investors. Simply put, a board talks about finance. Finance involves identifying what things a company needs, how to get the money to buy those things, and managing those things efficiently.
In order to add value during meetings, you need to understand financial statements to uncover any gaps or opportunities in the company’s financial performance.
Join us for our next VIRTUAL Financial Statement Bootcamp in February, May, August, and November. You will get 1-Full Year of Access to all training materials and LIVE bootcamp sessions. For more updates, join Behind the Board newsletter on Substack.
Questions? Send us an email at hello@ceoulimitedfirm.com.