As we ramp up for The Private Company Governance Summit 2026, which will take place June 10-12 in Washington, D.C., we are speaking to our panelists to get a bit of insight on the topics they will be discussing at the event. Today, we speak with Thomas Ferree, chair of DSG Supply Group, about the subject matter of “The Art of Board Assessment and Refreshment,” the session he will be participating in at PCGS 2026.
Private Company Director: When it’s time to make a change, how important is it for a board to have the discipline — and an established process — to refresh the board effectively? Is there anything that MUST be a part of that process?
Ferree: The board of a company must always be ready for a change in its makeup. The change can come about because of an unexpected event, such as a new conflict of interest, board member time commitments, or the death or disability of the board member. The change can also come about as a result of a term limit or simply the need to add or replace a board member to enhance the experience and voices in the boardroom. In all instances, the process to replace a board member should be the same.
A well-governed board will be constantly evaluating the board as a whole and its members. On at least an annual basis, the board should be asking itself if the makeup of the board is sufficient to enable the company to achieve its goals. Are all the board members active participants and is their background and experience a match for the strategic priorities of the company? For example, if, strategically, the company is moving in the direction of operational excellence, do you have someone on the board that has extensive experience in operational excellence and can provide advice and counsel? If not, the board should know if it will add that resource or swap out an existing board member whose experiences and knowledge are less important.
Every board should have a skills and competencies matrix that is purpose-fit for that company and the company’s strategic plans. The matrix should be an up-to-date tool to evaluate the leadership experiences, competencies and professional experiences of each board member. The matrix can then be used to find gaps or places where the board is heavy or light and use that for the upcoming search.
To hear more from Thomas Ferree, register today for The Private Company Governance Summit 2026.