Uncertainty reached peak levels for the technology industry in 2023. On the one hand was a slowdown in growth and underwhelming results, which led to layoffs. On the other were sudden technological advances like artificial intelligence, which gave tech industry boards and C-suites glimmers of hope for the future as well as a renewed sense of urgency of the steps they need to take to stay relevant.
The 2023 U.S. Technology Spencer Stuart Board Index, our annual look at the latest trends in 200 top technology industry boards, reflects a tech industry preparing for a bumpy ride in the short term as it seeks to improve its long-term prospects. The number of new directors fell to its lowest levels since 2017, with 124 new outside directors added by 90 companies, and the total number of tech board directors sank by five, to 1,838. Meanwhile, reflecting boards’ growing interest in trends including AI and cybersecurity, 15% of tech boards have a standing technology/science committee, a 5-percentage-point increase from 2022.
These findings are just a few of the trends we examine on the boards of the 200 top technology companies in the United States.
Average tech board director tenure
Percent of new directors who are women
Percent of boards with mandatory retirement age
Percent of new directors with technology industry background
Average compensation in stock awards
New independent directors in 2023
Percent of tech boards that separate CEO and chair roles
Average number of board meetings