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With board turnover at its lowest level since 2016, the path to a seat narrowed in 2025. Turnover in the S&P 500 averaged just 0.8 new directors per board, and first-time appointments declined.
Against that backdrop, we asked BoardProspects members who broke through a simple question: What worked? Their answers offer a practical framework for candidates ready to take a more deliberate approach.
What the 2025 Market Looked Like
The numbers from Spencer Stuart's 2025 U.S. Board Index tell a consistent story.
Turnover slowed. S&P 500 boards appointed 374 new independent directors, an 8 percent drop from 2024 and the lowest level since 2016. Only half of boards added even one new director.
Boards favored experienced profiles. Among new appointees, 59 percent were retired, 30 percent were CEOs, and 29 percent had financial backgrounds.
First-time directors faced a narrower window. First-time directors represented 31 percent of appointments, and directors aged 50 or younger accounted for 11 percent, both down from 2024.
These dynamics shaped the environment in which our members pursued and secured board roles. The strategies they used offer practical guidance for any candidate.
Anchor Your Story in a Clear Value Proposition
One theme repeated across every conversation: clarity. Directors who landed seats did not start by "looking for a board." They started by defining a tightly framed value proposition.
Define the problem you solve, not the role you want. Babs Ryan, appointed to the Board of Directors at Main Street, Inc., urges candidates to rethink their pitch entirely: "Stop telling people 'I want to be a board director.' Boards are not looking for another board director. They already know plenty. Instead of talking about your strengths, name the company you love and their major strategic challenge that's their barrier to stakeholder value and EBITDA improvement. Mention your research showing that they don't have a board director who's ideally equipped to address that challenge. You shift from being someone who wants a paycheck for limited work to a person who helps companies succeed by addressing strategic gaps."
Narrow your expertise to a clear specialty. Jon Bond, appointed to the Board of Directors at ONAR Holding Corporation, observes: "Every board member needs to have a clear specialty today. The days of all-purpose 'professional board members' are ending. Boards want experts. Experts in finance, accounting, management, or in my case, revenue generation."
Susan Holliday, appointed to the Board of Directors at Hippo, reinforces the importance of focus: "Be very clear on your value proposition and narrow it down to a few key points in a couple of sentences. This is especially important for directors like me who have had a wide-ranging career, because people get lost if they don't know how to categorize you."
Translate operating experience into board-level judgment. Laura Peterson, appointed to the Board of Directors at MicroVision, describes what this looks like in practice: "Executives must start with a compelling and clearly articulated value proposition – one that is tightly aligned to the sectors and types of companies they are targeting and rooted in strategic leadership and operational excellence. One way candidates can differentiate themselves is by developing a thoughtful understanding of how digital transformation is reshaping operating models across their sectors, including how AI is being applied through a strategic, board-level lens. This is not necessarily about technical expertise, but about being a student of how leading companies prioritize digital investments, govern risk, and measure ROI to drive competitive advantage."
Adele Gulfo, appointed to the Board of Directors at NewAmsterdam Pharma, emphasizes how you present that value proposition: "Start early and be intentional. Build a strong network and clearly articulate your differentiated value. In my case, P&L ownership and leading successful brand launches opened the door to multiple board opportunities. Finally, ensure your resume and LinkedIn profile use targeted, board-relevant language so you are discoverable for the right roles."
Target the Right Market
Public company board roles represent a small fraction of the overall market. Several members stressed that candidates often over-index on these roles while under-weighting private, growth, and nonprofit boards that need their skills and offer meaningful governance experience.
Ryan encourages candidates to widen their view: "Stop pursuing public company board roles, which have the tiniest fraction of open board seats, unless you are a large public company CEO, current public company board director, or love SEC filings. The Spencer Stuart Board Index shows a significant decline in board openings for S&P 500 companies—only 374 new independent board directors in 2024. Private companies, start-ups, and non-profits are desperate for people with your skills, and offer a much better transition to the nose-in, fingers-out board environment for 'fix-it' executives."
The question is not "Am I a good board candidate?" but rather "Where would I be effective today?" For an executive with deep operations experience, that may mean near-term focus on private-equity-backed or late-stage growth companies, with a medium-term aspiration for a public board once there is a documented record of governance contribution.
Turn Networking into Real Work
Most directors know that board roles move through relationships. The members we spoke with distinguish between passive networking and active, research-driven outreach.
Treat networking as a system. Raj Chaudhary, appointed to the Board of Directors at Northpointe Bancshares, puts the numbers in perspective: "Between 70 and 80 percent of board openings are filled through word-of-mouth rather than formal postings or through headhunters." His recommendations: "Leverage your personal and business network. Articulate a distinct board value proposition linking your experience to the company's strategy, risks, and needs. Cultivate strong sponsorship from sitting directors and governance and nominating committee leaders in your expanded network. Approach board services with a targeted long-term strategy."
Laura Hay, appointed to the Board of Directors at Hippo, describes an intentional cadence: "Making sure to cast the net widely is critical by reaching out to close colleagues as well as 'loose ties' to expand the opportunity set during your search. Then, using an organized cadence, stay in touch with people periodically through reportable events, professional or personal, every 3-4 months."
Replace generic interest with targeted outreach. Ryan describes spending three days researching a private family company's strategy, activist pressures, and public narrative, then reaching out with a specific board-level solution. She earned a spot on a short list of more than 300 applicants and ultimately joined the board. "I recently reached out to a Fortune 1000 public company specifically about their activist and public image struggle impacting EBITDA, and presented a unique board solution. Within 24 hours, I heard back with positive messages from the CEO/Board Chair, and Nom and Gov Chair. It took three days of research and work. Working, not networking, is most likely to get you on board in 2026."
Make sure your network can advocate for you. Wendy Schoppert, appointed to the Board of Directors at Sun Country Airlines, emphasizes enabling your advocates: "Now is the time to reach out to your network! Friends and colleagues can only be helpful if: 1) they know that you are open to new board opportunities and 2) they clearly understand the value you bring to the boardroom. It is also important to be very crisp and succinct with your 'elevator pitch.' Lastly, don't hesitate to reach out directly to boards you are targeting, especially where you have connections into the board or executive team."
Kim Box, appointed to the Board of Directors at Cibius, frames the full picture: "Pursuing a board position requires focused intention. There are ways to position yourself to be top of mind when a board seat becomes a possibility. First, network to build relationships in the board ecosystem. Most board seats are attained via a trusted relationship, making it important to cultivate meaningful connections with search firms, CEOs, and seated directors. Second, stay relevant in your area of executive and board expertise by pursuing programs and educational opportunities. Third, understand your board value proposition—specifically where you can add value, what committees you are prepared to serve on, and what background you have that can add to your service. Acquiring your first or next board position is all about relationships, understanding your value, and staying relevant on evolving board governance. It takes time and patience to cultivate connections so that you are top of mind when the opportunities become available."
Stay Current on the Issues Boards Care About
Boards face pressure on AI, cybersecurity, CEO succession, and risk oversight. They want directors who are students of these issues. Members who filled seats leaned into this reality.
Commit to structured learning. Susan Holliday describes her approach between board roles: "I took an intensive AI course earlier in 2025 when I was in between boards. It's important for anyone still in a full-time executive role to make sure they have time to join a board – the time commitment is always at least 50 percent more than they tell you. The irony is that some boards are being risk-averse by not wanting to change up the composition, but in reality having new experiences and perspectives would be helpful in navigating the current complex environment."
Demonstrate governance fluency. Chaudhary recommends that candidates articulate their understanding across key areas: "Share your understanding of governance issues in areas such as cybersecurity, artificial intelligence, capital allocation, and management succession planning. Show your readiness and preparedness for immediate contribution. Boards look for candidates who can add value quickly."
Peterson adds that the strongest candidates connect technology to broader board concerns: "The strongest boards recognize that enduring performance depends on culture, talent, and execution discipline – making an understanding of how teams adopt, govern, and scale change just as critical as the technology itself."
Prepare to demonstrate your attributes, not just your skills. Hay explains that interviews assess more than credentials: "When you're in the interview phase, the nominating and governance committee has vetted many of your skills and has most likely determined that you can fill some of the skill-based opportunities for which they may be recruiting. Attributes are harder to determine, as these are about how you will act in a boardroom setting – communication style, listening, courage, ability to disagree thoughtfully, strategic mindset, future-oriented, calm under pressure, and many more. Story-telling is a powerful tool to bring to life how you may operate in certain circumstances. Think about specific examples of how you've demonstrated these attributes, then rehearse your story out loud in order to bring to life how you worked through the situation, always keeping in mind that the ultimate goal of the story is to demonstrate the type of board member you will be for that particular company."
The Path Forward
Members who secured seats in 2025 did not rely on luck or timing. They brought discipline and patience to a methodical, strategic approach: clarifying their value, targeting the right opportunities, and building relationships with intention over time.
Board recruitment is an imperfect, opaque process. BoardProspects exists to equip candidates with the tools and resources to have greater agency within it.
