Through the last two decade, MitchelLake has witnessed Boards and Executive Teams struggle with the challenges brought on by the inevitable digitisation and disruption of all industries, organisations, and markets.
Much of this is due to the fact that a vast majority of large and mid-cap boards in Australia are lacking in intellectual diversity (gender, cultural, generational, occupational) in addition to digital DNA. This inevitably leads to blind spots in the governance, review, and ratification of strategies and oversight of decisions that have long-term and even existential impacts for organisations, shareholders, customers, and communities.
Never has this balance and capability mix been more important to resolve. According to Gartner, “the response to the pandemic has fast-forwarded digital adoption by five years. One result of this “digitalization at scale and velocity” is massive skill shifts. The shift in skill needs was already a challenge, but more than 58% of workforces report skill transformations since the onset of the (COVID-19) pandemic.”
We strongly believe that providing a wider range of contextual experience and perspectives on Boards is a crucial component to traverse and thrive in rapidly changing markets.
Therefore, it is with great pleasure that we announce our Managing Director of Australia, Michael Solomon, will be adding the title of Managing Partner to guide and develop our Board & Advisory Practice.
As Board Practice Managing Partner, Solly will be leading MitchelLake’s Board and Advisory practice – partnering Boards and Executive Teams with the intellectual and digital diversity they need to thrive in today’s markets.
“It’s not very often you get the opportunity to combine everything you’ve learned throughout your career and apply it to a role that focusses on helping others navigate a rapid transition from current to future state. The pace of digitisation is driving a critical need for intellectual currency and resilience, which demands a genuine diversity of perspectives and experience. It’s obvious to me that Boards and Executive Teams have never been more challenged than they are at this moment – that they need to find balance in perspective, digital DNA, and comfort with change at scale. I’m excited to have an opportunity to positively influence the industry as we know it.”
Statistics from the IDC show that “worldwide spending on the technologies and services that enable the digital transformation (DX) of business practices, products, and organizations is forecast to reach $2.3 trillion in 2023. DX spending is expected to steadily expand throughout the 2019-2023 forecast period, achieving a five-year compound annual growth rate of 17.1%”.
As an experienced Board Member, Advisor, and Chair of both enterprise and emerging company boards, Solly is well-positioned to handle the increasing challenges and opportunities presented by digitisation by sourcing talented and forward-thinking Board Members. He is currently a Member of the Australian Institute of Company Directors, Member of Adelaide Football Clubs Women’s Advisory Board, Member of Australian Speakers Association, Chairman of the Michael Long Foundation, and Advisor for cybersecurity firm Enex Carbon.
Furthermore, with experience ranging from leading emerging ventures at News Limited to the digital transformation of the AFL, and advising start-ups and not-for-profit ventures, Solly has the knowledge and network to support any Boards who may be looking for Members or NEDs
MitchelLake Group CEO, Jon Tanner notes,
“The world is increasingly colliding at the intersection of analog to digital convergence of legacy operations, engagement, and business models. Decisions and governance are more complex than ever before. Michael has a unique perspective and empathy to share, having served on venture and corporate boards and as a chair, director and executive leading transformation and growth across, media, cybersecurity, education, and not-for-profit”.
If you would like to discuss the composition of your board or explore a 360 discovery (internal and external review) of your digital competence, structure, risks, and opportunities, please reach out at michael.solomon@mitchellake.com.
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