Directors Roster.

• Author: Porter, Martin
• Position: Quarterly record of new director appointments

In affiliation with Spencer Stuart - a quarterly record of new director appointments

Recruiting top talent for boards was in high gear last year. DIRECTORS & BOARDS tracked 1,093 board appointments to 867 companies in 1998, compared to 1,053 directors and 786 companies in 1997. Active CEOs topped our list of director recruits at 28%, followed by senior executives at 19%. In addition, 96 women joined boards last year, 21 fewer than in 1997.

Surveys continue to report how difficult it is to recruit directors. As arduous as it is to fill one vacancy, some companies face multiple board vacancies. In 1998, 18% of our rostered companies filled more than one board seat. The CEOs of Houghton Mifflin Co., U.S.A. Floral Products Inc., and Allergan Inc. - featured in this edition of the Directors Roster - were among those who took this task head-on, filling several simultaneous vacancies on their board due to resignations or just the need to shore up the board's existing brainpower.

In an amazing feat of director search, Nader Dareshori, chairman, president and CEO of book publisher Houghton Mifflin Co., spent a year and a half reviewing nearly 70 candidates to replace two resigning directors. Joining his board are the chairman and CEO of Toys "R" Us, and a consultant with expertise in corporate and regulatory law. Their experience, he believes, will complement Houghton Mifflin's strategy of expanding into the retailing industry.

Dareshori points out that boards must offer more than financial rewards to attract desirable directors. In his case, he emphasizes that Houghton Mifflin is a high-growth company that distinctly "makes a difference in this society as an educational publisher." He proudly notes that his new directors "happened to have a great deal of love for the welfare of children in our society." As an additional attractive incentive, his board offers directors the opportunity, through a charitable trust, to donate $1 million to the charity of their choice.

Having just filled four board seats, Robert J. Poirier, chairman and CEO of U.S.A. Floral Products, the world's largest floral company, has this advice. Look for the "weakest areas and specific needs of your board," he says. If you've got a good story that will get people excited, don't be shy about approaching people with...