Meredith's Board of Directors is the top governing body of the company. The Board meets quarterly to monitor the company's progress toward goals and to make strategic decisions. Read on to discover more about who serves on the Board of Directors, their terms of service, and the Board's responsibilities.
Current Board Members
Meredith's Board of Directors is comprised of 9 business professionals
from around the country. They include:
Donald C. Berg
EVP - CFO
Elected to the Board in 2012
Serves on the Audit Committee and Finance Committee
Mary Sue Coleman
The University of Michigan
Elected to the Board in 1997
Serves on the Finance Committee and Audit Committee.
D. Mell Meredith Frazier
Vice Chairman, Meredith Corporation
Chairman Meredith Corporation Foundation
Elected to the Board in 2000
Chairs the Nominating/Governance Committee and serves on the Compensation Committee.
Frederick B. Henry
The Bohen Foundation
Elected to the Board in 1969
Chair of the Compensation Committee and serves on the Nominating/Governance Committee.
Joel W. Johnson
Chairman and CEO (Retired)
Hormel Foods Corporation
Elected to the Board in 1994
Chairs the Finance Committee and serves on the Nominating/Governance Committee.
Stephen M. Lacy
Chairman, President and CEO
Elected to the Board in 2004
Philip A. Marineau
President & CEO (retired)
Levi Strauss & Co.
Elected to the Board in 1998
Chairs the Audit Committee and serves on the Compensation Committee.
Elizabeth E. Tallett
Hunter Partners, LLC
Appointed to the Board in 2008
Serves on the Compensation Committee and the Nominating/Governance Committee.
Board Member Terms
The Board's Nominating/Governance Committee works with management and, at times, a national search firm to nominate candidates to fill Board vacancies. Directors are elected at the annual shareholders meeting. Board members serve 3-year terms; the number of terms is unlimited, though Board members may not serve past the Annual Meeting following their 72nd birthday.
While corporate officers and executives manage Meredith's day-to-day operations and activities, the Board provides oversight, advice and counsel on issues as wide-ranging as long-term strategy, budgets, human resources, benefits, marketing and new product development. Specifically, the Board:
- Makes certain there is a management succession plan in place.
- Reviews and approves strategic plans and budgets.
- Approves major matters and expenditures (acquisitions, divestitures, financings, level of debt, etc.)
- Discusses and approves recommendations from the four Board Committees (finance, compensation, nominating/governance and audit)
- Monitors company policies to ensure they comply with financial accounting standards, legal and ethical standards, laws, regulations, etc.
- Provides general advice and counsel to management.
- Ultimately, the Board has a legal responsibility to act in the best interest of the shareholders. In practical terms, that boils down to making sure the company is run soundly, ethically and profitably.