September 2, 2020 – Although boards of directors are considered the backbones of organizations, director recruiting has grown markedly more challenging, say recruiters who conduct searches in that area. As a result, companies continue to turn to executive search firms to help find new board members.
Recently, Chicago-based executive search firm Reilly Partnersplaced Carol Vallone and Michele Roberts as new members of the board of directors of Cresco Labs. They become the first women board directors at the company.
Ms. Vallone is a well-known business leader, former CEO, and corporate board director, with a strong track record in launching, scaling, and managing global companies. Currently, she serves as chair of the board of trustees at McLean Hospital, the freestanding psychiatric hospital and largest psychiatric affiliate of Harvard Medical School.
Ms. Vallone also serves on the board of trustees at MGH Institute of Health Professions, and on the finance committee at Mass General Brigham. Additionally, Ms. Vallone serves on the board of directors of the Bain Capital Double Impact portfolio company, Arosa; as an advisory director for the private investment firm Berkshire Partners; and as an advisory board member of the healthcare-focused venture growth firm, Longitude Capital. In the past, Ms. Vallone served as president and CEO of WebCT Inc.
“I’m thrilled to welcome a powerful new voice, Carol Vallone, to the board,” said Tom Manning, Cresco Labs’ executive chairman. “Carol has proven her ability to launch and scale global companies both as an executive and a board member, and her experience and passion for corporate governance are a tremendous fit for Cresco in its next phase of growth.”
Ms. Roberts is currently executive director of the National Basketball Players Association. A distinguished trial lawyer, celebrated business leader and former member of the adjunct faculty at Harvard Law School. She was previously an esteemed trial lawyer with Skadden, Arps, Slate, Meagher & Flom. Her practice focused on complex civil and white-collar criminal litigation before state and federal courts and in administrative proceedings. Ms. Roberts is a fellow of the American College of Trial Lawyers. She worked for eight years in the office of the Public Defender Service for the District of Columbia, where she was named chief of the trial division.
“Ms. Roberts is an outstanding addition to our board,” said Mr. Manning. “Drawing on her experience in leading one of the most important player organizations in the sports world and her expertise in law and litigation as a highly-accomplished trial attorney and educator, Michele will provide a unique perspective at a critical time of continued growth and expansion in the industry.”
Related: U.S. Boards Seen as Slowly Evolving
Cresco Labs, based in Chicago, is one of the largest vertically-integrated multi-state cannabis operators in the United States. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry.
Established in 2005, Reilly Partners provides executive search services for clients in the private equity, sports, healthcare, insurance, industrial products, and digital sectors, among others. Robert Reilly is CEO and founding partner of the firm. As chairman of both Reilly Partners’ private equity solutions and board services practice, he has completed board of directors, CEO, COO, CFO, and president searches for prominent clients representing the financial service, insurance, investment banking, private equity, real estate, healthcare, consumer products, software, hospitality, gaming, information technology and advertising industries nationwide. Additionally, Mr. Reilly has built many organizations from the ground up, filling as many as 71 positions with one client.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media