Ann Rhoades, author and director of JetBlue Airways and P. F. Chang's.

• Position: FIVE QUESTIONS WITH... - Interview - Reprint

When did you first start getting interested in serving on a public company board?

I became very interested in board service as a junior officer of a Texas bank. I found their discussions of the inner workings of the institution fascinating and I also knew that there weren't very many women on any corporate boards at the time. In fact, during my first board meeting, one of the directors said, "Who's the skirt?"

Ann Rhoades: Yes, she actually got asked, 'Who's the skirt?'

--referring to me. But I didn't let it bother me; in fact, it just strengthened my determination to join a board one day.

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How did the board opportunity with JetBlue come about?

I was one of the founding executives of JetBlue and was part of the group that determined that our initial values were going to revolve around making flying JetBlue a fantastic experience for customers. At that time, I was an EVP with a four-year contract. When that ended, the leaders asked me to let the company benefit from my experience by becoming a director. I had been intimately involved in creating JetBlue's values-based culture and they were interested in having me continue to support it.

How did the board opportunity with P.F. Chang's come about?

At the time, the president and the HR head at P.F. Chang's were both people I had worked with at Southwest Airways. (Yes, it really is all about networking!) On their recommendation, I met with CEO Rick Federico when he came on board and with some of the board members. The board is very talented and experienced, I loved the product and the values of the company, which they call "stones." I saw that the senior players took those stones seriously and mirrored them in their actions. And did I say I love the food?

What are the distinctive strengths or skill sets that you feel you bring to a board?

My greatest strength is in building culture around values. However, I also understand the financials of an organization and have years of experience in compensation and benefits. For a long time, people with these particular strengths and skills were not particularly valued on boards; these were not skills that were pursued for boards. One of my fellow board members recently told me he was so glad I brought this knowledge to the board, particularly in the face of new Dodd-Frank requirements. A number of boards look to outside consultants for these skills.

What will be the biggest challenges facing board members in 2011?

The biggest...