Chairing Change: Insights from Healthcare & Life Science Leaders

Boyden’s Healthcare & Life Sciences (HC&LS) Practice was delighted to host its latest event, welcoming a diverse group of senior professionals from across the sector. Set in the Garden Room at The Goring Hotel in Belgravia, London, the morning brought together Chairs, CEOs and Private Equity (PE) leaders for an open dialogue on the evolving landscape of leadership in PE-backed HC&LS businesses.

The atmosphere was inclusive and engaging, with many attendees meeting for the first time. The structure of the event encouraged honest and candid conversations, which were well received by all involved.

Defining the Future Chair: Commercial Acumen Over Experience

A core theme of the discussion centred on the shifting expectations of Chairs and Non-Executive Directors (NEDs) in PE-backed businesses. Interactive polling and open questions created space for honest reflection from both investors and operators.

One of the strongest messages from the PE community was that commercial and strategic acumen now outweigh prior Chair experience when considering candidates. While sector knowledge remains essential in highly specialised areas, the ability to drive strategy and flex between advisory and hands-on roles is increasingly prioritised.

Polling Insight: 

While underrepresented in the polling, there was an emphasis towards strategic vision & commercial acumen during discussions. Whilst prospective Chair & NEDs felt that prior experience is a prerequisite, individuals at the fund level said they would prioritise those people who can demonstrate a mix of deep sector and commercial acumen. This aligns with the necessity for the board to play a key role in change management activities within portfolio companies.

The Chair/NED Dynamic: “Eyes in, Fingers Out”

The group explored the distinction between the roles of NEDs and Chairs. While prior board experience is valued, it is not seen as essential. Attendees highlighted that the transition from CEO to Chair or NED is not always straightforward. The move requires a shift from operational involvement to a more strategic and hands-off approach – often summed up by the phrase “eyes in, fingers out."

This transition can be challenging and sometimes isolating, especially for first-time NEDs. The importance of mentorship, peer learning and structured support was noted by several attendees.

A recurring theme was the importance of giving CEOs the space to lead. The most effective Chairs are those who provoke thought, ask the right questions and challenge where needed, but avoid overstepping into operational decisions. Striking this balance is critical to ensuring a strong relationship between Chair and CEO.

Where NEDs Add the Most Value: It’s All About People

Polling Insight:

Nearly two-thirds of respondents said that mentoring and developing leadership teams is the most significant contribution NEDs can make. Strategic input and supporting innovation were noted, but to a lesser degree.

Surprisingly, regulatory compliance and governance received no votes, and networking or partnership facilitation ranked low. This suggests that NEDs are increasingly seen as people-first leaders, whose role is to support the development of high-performing executive teams.

This view was echoed in the discussion, with several participants noting that leadership development and succession planning are key areas where experienced NEDs can create lasting impact.

The PE-NED Relationship: Complementary Skill Sets

The conversation also touched on the dynamics between PE investors and leadership teams. While PE professionals bring exceptional financial and analytical strengths, they often value NEDs who can offer practical operational insight – particularly in M&A, integration or when acquiring IP-heavy businesses.

Attendees highlighted the opportunity for NEDs and Chairs with hands-on experience to bridge the gap between strategy and execution, supporting smoother transitions during acquisitions or organisational change.

Making the Move from CEO to NED: Motivation Matters

Polling Insight:

The most common motivation was a desire to share expertise and mentor management teams, followed closely by wanting to remain active in the sector without the pressures of day-to-day operational responsibility.

Lifestyle factors, portfolio careers and professional growth were also mentioned, but far less frequently. This underscores the strong sense of purpose and commitment many senior leaders feel to supporting the next generation of executives.

Building Visibility Through Networking

Another key takeaway was the importance of visibility and persistence for those looking to secure NED or Chair roles. The PE community is highly networked and appointments are rarely made after a single meeting. Many candidates may have to engage with firms multiple times before the right opportunity arises.

As one participant noted, “It’s about being visible and being memorable. The process can be long, but those relationships are everything.”

Conclusion

The event delivered what it set out to achieve – a forum for shared learning, open dialogue and the exchange of valuable insights across the HC&LS community. It was a rare opportunity for CEOs, Chairs and investors to come together in a meaningful way, and one that will inform ongoing conversations around leadership and governance in the sector.

Boyden is proud to host these sessions and looks forward to supporting clients and candidates as they navigate the evolving HC&LS landscape.