Good morning,
This week, Fortune released its Modern Board 25 list that features the most innovative boards of directors among S&P 500 companies. Marie Myers, CFO at HP Inc., is on the board of F5, a Seattle-based cyber security and application delivery firm, which earned the No. 1 spot on the list.
Myers isn't on HP's board of directors, which earned the No. 7 spot, but as CFO, she regularly interacts with the board. The Modern Board’s ranking is based on criteria including the expertise, independence, diversity, and tenure of board membership. Myers shares with me her perspective on why both boards work so well.
“I believe leadership and culture are what make F5 and its board so effective, and those traits are what first drew me to joining its board,” says Myers, who joined in January 2019. "CEO Francois Locoh-Donou is a phenomenal leader, as is Alan Higginson, the chairman of the board. Together they have built a board that reflects the company F5 aims to be. It’s not just what it does, but also how it does it.”
She continues, "F5’s human-first and high-performing culture fosters inclusivity and purpose among employees and the board. A lot of companies strive to be inclusive, but at F5 it happens naturally."
There’s also a high degree of collaboration between the board and the leadership team, and chemistry is a factor, Myers says. “Chemistry is why the board and leadership come together organically outside of the normal schedule of board meetings to discuss evolving situations and tackle complex business matters,” she says.
A combination of her experience, “passion for digital transformation,” and financial acumen, have all been especially useful in the director role, Myers explains. “Similarly, having the opportunity to participate in several large-scale transformations in my career provides a great foundation to navigate the broader environment at the board level,” she says.
'CFOs need to be knowledgeable about all aspects of the business'
Myers, who has nearly 25 years of experience at HP, became the tech giant’s acting CFO in 2020 and was named CFO in 2021. Before being named CFO, Myers served as HP’s chief transformation officer, where she led the company’s IT and Transformation organizations.
“I’ve always been proud of the fact that HP’s board is one of the most diverse in the technology industry,” Myers says. “There is a broad mix of gender, age, ethnicity, and experience. This brings diversity of thought to every discussion and challenge the board and our company faces.” There’s chemistry among HP’s board and leadership team, as well, she says.
Any advice for CFOs when forging a relationship with the board? “The role of the CFO is evolving beyond traditional finance and accounting boundaries,” Myers explains. “For example, leveraging data and analytics to become more strategic advisors and partners to the business. This is also true of CFO interactions with the board.”
She continues, “I think it’s important to establish a direct and collaborative relationship with board members. Today’s CFOs need to be knowledgeable about all aspects of the business, have a broad and informed view of the company, and share their unique insights with the board, not just financials.”
Her most important advice: “Above all, CFOs need to communicate with transparency and always act with integrity to build trust and credibility with the board,” Myers says.
Enjoy your weekend, and have a Happy Mother's Day. See you on Monday.
Sheryl Estrada
sheryl.estrada@fortune.com
