LARA L. LEE: DIRECTOR, WD-40 Company, The Sill Inc., Rather Outdoors LLC, Liberty Safe.

What was your first board?

I joined the board, and was then elected chair, of the Motorcycle Safety Foundation in 2001, when I was a serial "intrepreneur" and VP of enthusiast services at Harley-Davidson.

What do you look for in a board?

First, I look for the opportunity to add value in the near term and into the future. Second would be values alignment with management and my board colleagues. Third is a shared interest in ESG as a driver of growth and ensuring that governance is a value-adding activity for the company and its stakeholders.

What aspect of board service is most rewarding?

The board is a mosaic of individual skills, talents and perspectives. I enjoy being able to complement what others bring and dialing up what's most needed in a given situation. For investor-heavy boards, that might mean an operator mindset and marketing, channel or international expertise. In a transformation, it might mean a growth strategist perspective and digital, innovation and culture-building experience. In a turnaround, maybe business model restructuring and repositioning skills. Given that the actions of the board can have multigenerational impacts for families, communities and industries, what is most rewarding is collaborating with talented colleagues, having robust conversations, and making well-considered decisions to support the company's health and longevity.

What role does branding play for companies that are going through a period of turnaround?

Branding, per se, may or may not be critical in a turnaround. What is critical is that the company has extreme clarity on what will not change, even as everything else is on the table. This might be the brand (or portfolio of brands) promise, if that is an area of strength. It might be customer or key-supplier relationships, or company purpose and values, or even the founding ethos of the organization. A successful turnaround quickly leverages existing assets and capabilities in service of immediate customer needs to generate cash and improve profitability, while setting up to build toward a differentiated and sustainable future. Shedding obsolete brands, products or lines of business may be necessary. Rarely will a branding exercise be the top order of business.

What steps can boards take to guide their companies toward being more innovative with their thinking and products?

The board needs to clearly understand how...