Board Roles After Redundancy: Using the Gap to Build a Portfolio
Redundancy is when many senior executives start their board careers.
Suddenly, there is time. Time to think about what comes next. Time to take on roles that were hard to fit around a full-time job. And, for many, a question: do I want another executive role, or is this the moment to build a board portfolio?
Handled well, this period can shape the next decade of your career. Handled without a plan, it can drift into months of uncertainty.
This article covers whether to go board first or executive first, how to use the time well, the money side, how to tell a portfolio story, keeping executive options open and a 12-month plan.
Board first or executive first?
There is no single right answer. It depends on your goals, finances and experience.
Executive first may suit you if:
You want or need a full-time salary
You are early in your board career with little governance experience
You want to build a stronger executive record before moving to boards
Board first may suit you if:
You have strong governance experience already
You have financial security for a period of lower income
You want variety and flexibility
You are later in your career
Both is common. Many people take one or two board roles while looking for their next executive role, then keep them alongside it.
Using time well: courses, networks, first seats
Courses. If you have not completed a company directors course, this can be a good time. It builds knowledge and networks. See AICD and IoD courses and board seats.
Networks. Meet board search consultants, chairs and directors. Let people know you are building a board career.
First seats. Apply for not-for-profit, government and smaller company boards. These build experience quickly.
Committees. Independent audit and risk committee roles are often available and suit finance leaders well. See independent audit committee member roles.
Money: what boards will and will not pay
Board income is usually modest at first. Many not-for-profit roles are unpaid. Government and smaller company boards often pay modest fees. Larger and listed boards pay more, but they are harder to win.
Most people cannot replace an executive salary with board fees in the first few years. Plan your finances carefully. Some combine board roles with consulting, interim or fractional work. See executive portfolio career income streams and non-executive director fees.
Telling a portfolio story
As you build a mix of roles, tell a clear story. Boards, search consultants and future employers want to understand what you are doing and why.
Weak: “Currently between roles and doing some board work.”
Stronger: “Building a governance portfolio in health and infrastructure, with two board roles and an audit committee role, alongside advisory work for growth businesses.”
Your LinkedIn headline and board CV should tell the same story.
Keeping executive options open
If you might return to an executive role, keep that door open:
Stay in touch with executive search consultants
Keep your executive resume current
Choose board roles that add to your executive story
Avoid too many unpaid roles that fill your time without building your profile
Some people find that board roles make them more attractive for executive roles, because they show governance experience and broader thinking.
A 12-month plan
Months 1 to 3: Rest and reflect. Decide your direction. Update your resume, board CV and LinkedIn. Meet five search consultants.
Months 4 to 6: Complete a directors course if needed. Apply for two or three board or committee roles. Build relationships with chairs.
Months 7 to 9: Take up first roles. Add advisory or consulting work if needed for income.
Months 10 to 12: Review. Is the portfolio working financially and personally? Adjust your plan.
Looking after yourself
Redundancy can be a shock, even when it is expected. Give yourself time. Stay connected with people. Keep routines. A clear plan helps, but so does recognising that the change takes adjustment. See redundancy at senior level.
Common mistakes
Taking every board role offered
Underestimating the time it takes to build a paid portfolio
Not planning finances
Telling a vague story about what you are doing
Letting executive networks lapse when you may need them
How search consultants view this period
When I was in executive search, candidates who used a redundancy period to build governance experience often came back stronger. They had a clear story, new skills and wider networks. Those who drifted without a plan found the gap harder to explain.
Your profile
Example: “Former CFO building a governance portfolio, with board roles in health and water and an independent audit committee role, alongside advisory work for growth businesses.”
A quick self-check
Can you explain your plan for the next 12 months in two sentences? If not, take a week to write it down before you apply for any roles.
Using your exit agreement
Your exit agreement may affect your board plans. Some agreements restrict roles with competitors or customers for a period. Check the terms before you accept any board or advisory role. If you are still negotiating your exit, think about whether any support, such as outplacement or course fees, would help your board plans. See executive outplacement.
Advisory boards and interim work
Advisory board roles with growth businesses and interim executive work can sit well alongside early board roles. They provide income, keep your skills current and add to your story. But be careful not to fill all your time with work that does not build towards your goal.
Your LinkedIn
Update your LinkedIn headline soon after redundancy, with a clear, positive statement of what you are doing. “Former CFO | Building a Board Portfolio in Health and Infrastructure | Finance, Audit and Capital” tells search consultants and chairs exactly where you are heading. See LinkedIn after redundancy.
Referees
Ask former chairs, directors and CEOs to act as referees for board roles. People who saw you work with a board are especially valuable. Contact them early, while the relationship is fresh.
Common questions
Is it too soon to apply for board roles straight after redundancy? Not necessarily. But take a few weeks to rest and plan first. Should I accept an unpaid role? Often yes, if it builds relevant experience and fits your plan.
Choosing the right first seats
Pick first seats that fit your story. If you want to sit on health boards, start with a health-related not-for-profit or committee. If infrastructure is your target, look at a regional water or energy board. Each role should move you towards the boards you want, not just fill your calendar.
A quick tip
Set a weekly rhythm: two networking conversations, one application and one learning task. Small, steady actions build a portfolio faster than bursts of activity.
Measuring progress
At the end of each quarter, count your board roles, committee roles, new relationships with chairs and income. Seeing progress on paper helps you stay motivated and adjust your plan.
Your next step
Decide whether you are going executive first, board first or both. Write your one-line portfolio story. Then meet two board search consultants this month.
If you want a board CV and executive resume that tell a clear story, my board resume writing is built for senior leaders across Australia and New Zealand.
If you are planning your next chapter after redundancy, book a complimentary Clarity Session.
