DAWN ZIER, DIRECTOR: The Hain Celestial Group and Spirit Airlines; Former CEO, Nutrisystem, Inc.

• Author: Zier, Dawn
• Position: What directors are thinking

As we emerge from the pandemic, we will find permanent changes and shifts in the way we do business which will force management teams and boards to navigate a new normal. From dislocation and disruption emerge lessons and opportunities.

As a director, I believe boards and management in a postCOVID-19 world need to focus on:

Back-up plans. COVID-19 was a multiprong attack forcing companies to deal with liquidity issues, supply chain disruption, contact center shutdowns and infrastructure challenges, not to mention employee-related and leadership issues. Were you able to secure enough cash at hand to weather the storm? Did you have alternate supply and production sources? Were you able to take advantage of opportunities during the crisis to pivot or lean in? How did technology work in supporting an at-home workforce? Was the worse-case scenario appropriately challenged? Postmortem what your company did and did not do well and capture these lessons as you build out your future strategy and business continuity plans.

New shareholders. Many companies saw a dislocation in stock price that presented a buying opportunity for hedge funds, PE firms and potential activists. Unlike during the financial crisis, these companies are well-funded and have significant buying power. As a board and management team, were you actively focused on this during the crisis? Did you evaluate rights plans or other measures to protect the broader shareholder base? What does your new shareholder makeup look like and how will you work with them?

Culture and communication...