The technology industry today has arrived at a seminal, transformative moment, what with the breakneck pace of adoption of artificial intelligence and the outsized impact that technology has already had on this industry and many others.
The 2024 U.S. Technology Spencer Stuart Board Index reflects this environment and its impact on industry boards of directors. Amid change and uncertainty, tech industry boards are seeking stability and experience in their new directors — people who have either have been through turbulence like this before or understand the potential changes these latest technologies could usher in.
Of the 123 new directors added by the 200 companies analyzed for the 2024 index, 58% have a tech industry background, a sharp increase from past years. Just shy of two-thirds (62%) of new directors have previously served on a public-company board, a 10-percentage-point increase from the 2023 index. And 90% have C-suite or financial backgrounds.
These findings are just a few of the trends we examine on the boards of 200 leading technology companies in the United States.
2024 Snapshot
7
years
Average tech board director tenure
39
%
Percent of new directors who are women
26
%
Percent of boards with mandatory retirement age
58
%
Percent of new directors with technology industry background
70
%
Average compensation in stock awards
123
New independent directors in 2024
61
%
Percent of tech boards that separate CEO and chair roles
7.7
Average number of board meetings