In the third chapter of Boardrooms in Transition, seasoned public company director and Chair Circle co-founder Karen Francis explores what it takes to lead through uncertainty. Drawing on decades of experience across automotive, mobility, technology, and healthcare, Karen examines how boards weigh transformational opportunities, allocate scarce capital, and maintain confidence when the future is anything but clear.

We also discuss:

• The tradeoffs boards face when pursuing major transformations

• Why timing matters as much as conviction when placing strategic bets

• How investor trust influences a company's ability to execute

• The distinction between board oversight and management execution

• Why broad experience around the board table matters in times of uncertainty

• How trust between directors and management enables better decisions

As the series reaches its midpoint, Karen reminds us that transformation is rarely a straight line. Success depends not only on making the right bet, but on having the confidence and discipline to stay the course when the road ahead disappears into the fog.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

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In the second chapter of Boardrooms in Transition, former Deloitte Global CIO and seasoned board director Larry Quinlan explores what it means to govern in an AI-driven world. Drawing on decades of experience leading technology transformations, Larry argues that AI is not simply a productivity tool—it is a force that could fundamentally reshape business models, risk profiles, and competitive advantage.

We also discuss:

• Why speed—not technology—is the defining challenge of the AI era

• How boards should rethink risk and strategy in an AI-driven world

• Why governing AI is different from directing IT implementation

• The role of data, cyber resilience, and board education

• The human capacity required to absorb transformational change

• Why optimism—not fear—should guide leaders through the AI transition

As the series continues, Larry reminds us that velocity is ultimately a human problem. Organizations rarely fail because technology moves too quickly. They fail because people, processes, and governance cannot adapt at the same pace.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

Support the show

In the opening chapter of Boardrooms in Transition, IMD professor and globally recognized governance expert Didier Cossin examines why so many boards fail—not because they lack information, but because they fail to act on what they already know. Drawing on his experience advising boards around the world, Didier explores the human dynamics that prevent organizations from making difficult decisions and the courage required to lead through uncertainty.

We also discuss:

• Why governance structures alone do not guarantee better decisions

• The "gray rhino" risks boards see but fail to address

• Why information—not talent—is often the weakest link in governance

• The role of AI in helping boards become better sensing organizations

• Why courage and psychological safety matter more than compliance

• How the best boards move from deliberation to action

As we begin the series, Didier reminds us that boards rarely fail because they lack data. They fail because they hesitate. In a world moving faster than ever, the greatest risk may not be making the wrong decision—but failing to make one at all.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

Support the show

In the final chapter of Boardrooms in Transition, veteran public company chair and former CEO Penny Herscher explores the human side of governance—and why trust, courage, and board composition ultimately determine whether organizations thrive through disruption.

Drawing on two decades of board leadership across the U.S. and Europe, Penny shares lessons on CEO succession, recruiting directors, managing board dynamics, and creating the conditions for difficult conversations. She argues that the greatest obstacle to effective leadership transitions isn't a lack of talent, but fear: fear of change, fear of making the wrong decision, and fear of the unknown.

We also discuss:

• Why board composition is an M&A deal for talent

• The tension between investor returns and founder vision

• Why smaller boards often make better decisions

• The importance of trust between directors and the board chair

• How board principles and psychological safety improve performance

• Why boards that "cook dinner together" make better decisions

As we conclude the series, Penny reminds us that data may be your baseline, but character is your edge. Because when the stakes are highest, trust isn't a soft skill—it's the only currency that matters.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

Support the show

In Part Four of Boardrooms in Transition, former Deloitte Global CEO and longtime board leader Barry Salzberg explores what leadership looks like when organizations are operating under prolonged pressure, uncertainty, and scrutiny.

Drawing on decades of experience leading through crises and transformation, Barry argues that a board's greatest responsibility isn't simply managing risk—it's signaling confidence. From his memorable "flight attendant" analogy to the lessons behind building Deloitte University during one of the worst economic environments in decades, he explains why calmness, trust, and resilience are strategic assets.

Barry also challenges leaders to rethink short-term decision making. Cutting recruiting, R&D, or innovation investments to protect quarterly results may provide temporary relief, but it can create leadership and capability vacuums years later. His message is clear: long-term stewardship requires protecting the seeds during the winter.

We also discuss:

• Why leadership is fundamentally about signaling confidence under pressure

• The balance between quarterly performance and long-term investment

• Why boards should resist turning off the "innovation spigot"

• How involving skeptics early can turn critics into champions

• Lessons from creating Deloitte University and building board alignment

• Why trust, transparency, and resilience matter more than ever

If previous episodes focused on sensing disruption and allocating capital, this chapter examines what happens after the bet has been made—and why the most resilient organizations are the ones that keep investing when others retreat.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

Support the show

Welcome to Boardrooms in Transition, a special limited series from the team behind Inside CVC and U-Path Venture Advisors.

This is something different.

Designed as a bingeable five-part series, Boardrooms in Transition brings together five distinguished directors and business leaders for candid conversations about the forces reshaping governance, leadership, and decision-making.

Across the series, you'll hear:

• Didier Cossin | Failure to Act

• Larry Quinlan | Risk and Speed

• Karen Francis | Investment Under Uncertainty

• Barry Salzberg | Leadership Under Pressure

• Penny Herscher | Board Dynamics

Together, these conversations explore AI, innovation, risk, resilience, culture, and what effective leadership requires in a world defined by increasing complexity.

All five episodes will be released simultaneously on Monday, June 22, giving listeners the opportunity to experience the series from beginning to end, at their own pace.

Subscribe now and join us for Boardrooms in Transition.

A special series from U-Path Venture Advisors the creators of Inside CVC.

Boardrooms in Transition: www.boardroomsintransition.u-path.com
Inside CVC: www.u-path.com/podcast
U-Path Venture Advisors: www.u-path.com

Acknowledgments
Special thanks to Grammy Award-winning saxophonist and composer Wayne Escoffery for lending his music to the soundtrack of Boardrooms in Transition. A member of the Yale School of Music faculty and one of the leading voices in contemporary jazz, Wayne's work helps bring this series to life. Learn more about Wayne and his music at www.wayneescoffery.com.

Support the show