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Publish Date: 2024-12-03

Harvard Case - Eastman Chemical Co.: Building a Board from Scratch

"Eastman Chemical Co.: Building a Board from Scratch" Harvard business case study is written by Jay W. Lorsch, Samantha K. Graff. It deals with the challenges in the field of Human Resource Management. The case study is 17 page(s) long and it was first published on : Feb 13, 1996

At Fern Fort University, we recommend a comprehensive approach to building Eastman Chemical's board from scratch, focusing on a strategic talent management process that prioritizes diversity, expertise, and a strong commitment to corporate social responsibility. This strategy involves a multi-faceted approach encompassing targeted recruitment, rigorous selection criteria, robust onboarding, and ongoing development programs to ensure a high-performing, engaged, and ethical board capable of guiding Eastman Chemical towards sustainable success.

2. Background

This case study focuses on Eastman Chemical Co., a global specialty chemical company facing a critical challenge: building a board of directors from scratch following a significant restructuring. The company, known for its diverse product portfolio and commitment to innovation, needs a board that reflects its values and effectively guides its future strategic direction. The main protagonists are the company's leadership, tasked with navigating this complex process and ensuring the right individuals are selected to lead the company's future.

3. Analysis of the Case Study

The case study highlights several key challenges:

  • Lack of Existing Structure: Eastman Chemical faces the unique challenge of building a board from the ground up, requiring a structured and strategic approach to ensure the right skillsets and expertise are represented.
  • Diversity and Inclusion: The company needs to prioritize diversity and inclusion in its board composition, reflecting its commitment to a diverse workforce and global reach.
  • Strategic Alignment: The board must be aligned with the company's strategic goals and vision, ensuring effective decision-making and guidance.
  • Talent Acquisition: The company must develop a robust recruitment strategy to attract highly qualified candidates with diverse backgrounds and expertise.
  • Onboarding and Development: Once selected, board members need a comprehensive onboarding process and ongoing development opportunities to ensure they are fully integrated and equipped to contribute effectively.

Frameworks Used:

  • Strategic HR Planning: This framework helps analyze the company's needs, define the ideal board profile, and develop a comprehensive recruitment and selection strategy.
  • Talent Management: This framework emphasizes the importance of attracting, developing, and retaining top talent, ensuring the board is composed of highly skilled and engaged individuals.
  • Diversity and Inclusion: This framework guides the company in creating a board that reflects its commitment to diversity and inclusion, fostering a more inclusive and representative leadership structure.
  • Organizational Development: This framework helps assess the current situation, identify areas for improvement, and implement changes to ensure the board effectively supports the company's strategic goals.

4. Recommendations

1. Define the Ideal Board Profile:

  • Conduct a thorough analysis of Eastman Chemical's strategic goals, industry trends, and competitive landscape.
  • Identify the key skills, expertise, and experience required for board members to effectively guide the company's future.
  • Define the desired diversity and inclusion targets to ensure a representative and well-rounded board.

2. Develop a Targeted Recruitment Strategy:

  • Utilize a combination of traditional and innovative recruitment methods to reach a diverse pool of highly qualified candidates.
  • Partner with executive search firms specializing in board recruitment.
  • Leverage industry networks and professional organizations to identify potential candidates.
  • Utilize online platforms and social media to reach a wider audience.

3. Implement a Rigorous Selection Process:

  • Establish clear selection criteria aligned with the ideal board profile.
  • Conduct in-depth interviews, background checks, and reference checks to assess candidates' qualifications, experience, and suitability.
  • Utilize assessment tools to evaluate candidates' leadership skills, strategic thinking, and decision-making abilities.
  • Engage with existing board members and key stakeholders to gather feedback and ensure alignment.

4. Create a Comprehensive Onboarding Program:

  • Develop a structured onboarding process to introduce new board members to the company's culture, values, and strategic priorities.
  • Provide access to relevant information, resources, and training materials to facilitate a smooth transition.
  • Organize meetings with key executives and stakeholders to foster relationships and build understanding.

5. Implement Ongoing Development Programs:

  • Provide board members with opportunities for continuous learning and development through workshops, seminars, and executive education programs.
  • Encourage participation in industry conferences and events to stay abreast of emerging trends and best practices.
  • Foster a culture of knowledge sharing and collaboration among board members.

6. Establish Clear Governance Practices:

  • Develop a comprehensive governance framework that outlines the board's responsibilities, roles, and decision-making processes.
  • Implement regular performance evaluations to assess the board's effectiveness and identify areas for improvement.
  • Encourage open communication and feedback to ensure transparency and accountability.

5. Basis of Recommendations

These recommendations are based on the following considerations:

  • Core Competencies and Consistency with Mission: The recommended approach prioritizes skills and expertise aligned with Eastman Chemical's strategic goals and commitment to innovation, ensuring the board effectively guides the company's future.
  • External Customers and Internal Clients: The strategy emphasizes diversity and inclusion, ensuring the board reflects the company's diverse workforce and global customer base.
  • Competitors: The recommendations consider industry trends and competitive landscapes, ensuring the board possesses the necessary expertise to guide Eastman Chemical towards sustained success.
  • Attractiveness ' Quantitative Measures: While specific quantitative measures are not provided in the case study, the recommendations aim to enhance the board's effectiveness, leading to improved decision-making, strategic alignment, and ultimately, enhanced financial performance.
  • Assumptions: The recommendations assume a commitment from Eastman Chemical's leadership to prioritize board development and invest in the necessary resources to implement the proposed strategy.

6. Conclusion

By implementing a comprehensive and strategic approach to building its board from scratch, Eastman Chemical can establish a strong and diverse leadership team capable of effectively guiding the company towards sustainable success. This approach will ensure the board possesses the necessary expertise, commitment to corporate social responsibility, and alignment with the company's strategic goals to navigate the complex challenges of the global chemical industry.

7. Discussion

Alternatives:

  • Hiring only experienced board members: This approach could limit diversity and potential for fresh perspectives.
  • Relying solely on internal candidates: This could limit the pool of potential candidates and potentially lead to a lack of diverse viewpoints.

Risks:

  • Difficulty attracting qualified candidates: The competitive landscape for top talent may make it challenging to attract the ideal board members.
  • Lack of commitment from leadership: Without strong leadership support, the implementation of the recommended strategy may face challenges.
  • Insufficient resources: The implementation of a comprehensive board development program requires significant investment in time, resources, and expertise.

Key Assumptions:

  • The company is committed to investing in board development and ensuring the necessary resources are available.
  • The company is open to embracing diversity and inclusion in its board composition.
  • The company is willing to adopt a strategic and structured approach to board recruitment and development.

8. Next Steps

  • Develop a detailed implementation plan: Outline specific timelines, roles, and responsibilities for each step of the recommended strategy.
  • Secure leadership buy-in: Communicate the importance of the proposed approach and gain support from key stakeholders.
  • Allocate resources: Ensure sufficient budget and staff are allocated to support the implementation of the strategy.
  • Monitor progress: Regularly track progress against key performance indicators (KPIs) and make adjustments as needed.
  • Evaluate effectiveness: Conduct periodic assessments of the board's performance and make adjustments to the strategy based on the findings.

By following these recommendations and taking a proactive approach to board development, Eastman Chemical can build a strong and effective board that will guide the company towards a successful future.

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Case Description

Eastman Chemical Co. spun off from Kodak in 1993. The CEO of Eastman, Earnest Deavenport did not want the new company's board any members of the Kodak board to include, so he initiated a deliberate and thorough process to build an entirely new board that he hoped would be on the cutting edge. This case describes the selection process and documents the backgrounds of the chosen directors. Discusses the board's first year at work, and it records the reflections "one year in" of Deavenport and some of the board members.

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