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Abstract
Restructuring the board of directors, or organizing a formal board in a private company, can be the starting point for reversing performance declines in severely underperforming, but not yet insolvent, companies. This article provides an overview of 1) the qualities needed in the new chairman, 2) the shortcomings of the existing board and qualities sought in new directors, 3) the early agenda of the new board, and 4) the ongoing agenda and its core components as viewed in the context of performance enhancement and value creation. Board restructuring as the first step in performance enhancement is a specialized process requiring a unique type of leadership. Executed well, it can lead to substantial increase in shareholder value.
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