Suggestions
Joe Mandato
Venture Investor - Life Sciences Innovator - University Lecturer - Author
Joe Mandato is a dedicated and seasoned leader and investor with a strong track record of achieving operational excellence and outstanding outcomes across various organizations and settings.
He is deeply passionate about fostering disruptive innovation, be it in products or processes, especially when driven by enthusiastic and ambitious teams of young professionals.
With a primary focus on the life sciences and Software as a Service (SAAS) sectors, Joe Mandato has held CEO positions in several device companies such as Cilco AG, Gynecare Inc, Insound Medical, Ioptex Research, and Origin Medsystems.
Moreover, he played a pivotal role in the creation of Guidant Corporation, where he managed two operating units before its acquisition by Boston Scientific.
Joe Mandato's investment portfolio spans a multitude of private and public entities, including renowned companies like Align Technologies, Axogen, Intuitive Surgical, TearScience, and WaveTec Vision Systems.
His educational background is extensive, having studied at reputable institutions like Stanford University, Northwestern University - Kellogg School of Management, Long Island University, Nasson College, and Case Western Reserve University - Weatherhead School of Management.
Furthermore, Joe Mandato is a Senior Advisor at Mainsail Partners and has held key positions at renowned organizations such as Apercen Partners LLC, Stanford University, DeNovo Ventures, among others.
He has also been affiliated with various boards and committees, showcasing his diverse expertise in advisory roles, executive development, governance, and product launches.
His vast experience, strong educational foundation, and strategic leadership have solidified his reputation as an accomplished professional in the realms of business, investment, and executive management.
Highlights
Perhaps the most important principle of good #boardgovernance at #venturecapital-backed companies revolves around establishing a truthful, trusting, and transparent board culture. If the board culture is poor, then that must be fixed—and fixed fast.
The board chair/lead director sets the tone for the culture. A board’s words and deeds need to demonstrate commitment to being an ethical board and operating in an environment of truth, trust, and transparency.
I was on a board where poor governance nearly destroyed the company. The cofounder-CEO resisted the input of industry-experienced directors who believed the company needed product launch expertise. He forfeited an opportunity to recruit a world-class, independent director who'd successfully launched disruptive products. He created (& the board allowed) a culture where the board rubber stamped his recommendations. As founder-CEO, he spent millions on a failed strategy, while the board suggested but didn't force a change. It was afraid to confront the facts as they were. Three years in, and almost too late, the board finally terminated him.
The replacement CEO rapidly changed the culture to one of #truth, #trust, and #transparency. He quickly confronted the board with the facts re: challenges the company faced. He recruited talented, new personnel and discontinued the failed strategy. He formulated tactics that addressed what the market had been telling the company for years. He provided a realistic timetable and metrics to evaluate execution. The results were quick and remarkable. The company’s credibility and standing were restored and revenues stabilized. The new CEO constantly, with total transparency, reached out to the board, identified issues, and promoted the truth, along with vetted solutions. The CEO was well respected by the market, his team, and his board. The company became a success.
Less-than-good examples abound, though. Take (in)famous ones--the Uber board with Travis Kalanick as founder-CEO and Theranos board with Elizabeth Holmes as founder-CEO and chair. By widely available reports, the Uber founder-CEO created a terrible board culture from the get-go, and the board let him get away with it. Eventually, directors dismissed him as CEO, but almost too late. He remained on the board for two more years and subsequently resigned. The board and company recovered and has shown significant growth and sound leadership. As to Holmes/Theranos, the courts determined that leaders were bad actors. The company demonstrated so little truth, trust, and transparency at all levels (board, company, product), for years, that it failed.
I can't offer better advice for this most important governance principle than this: go overboard on ensuring a truthful, trustworthy, and transparent board culture. If you feel you've gone too far on truth, trust, and transparency, perhaps you still haven't gone far enough.
Kate Garrett Andrew Medvedev Michael Goldberg Joe Breeland Thomas J. Chirillo
