"The nature of boards continues to evolve," says Miles. "We are witnessing a move from the clubby and personally networked world of 20th century boards toward a situation where a board can function as a true, strategic resource for the CEO." The evolution of a board – and the changes it undergoes as it refreshes its own talent – creates a complex dynamic for CEOs, who must adjust their assumptions about the board as the board changes. "A CEO may face a completely different board now than when he or she first walked into the job, and this may require a whole different mode of engagement."
"CEOs face no shortage of tough challenges coming into 2014," says Stephen Miles, founder and chief executive of The Miles Group, which advises top CEOs and boards globally. "From our work with CEOs and boards this winter, we've identified the things that are front of mind for them this year."