How Former Wayfair Executive Michael Fleisher Builds a 'Deeply Engaged' Board Model
Former Wayfair CFO and Gartner CEO Michael Fleisher currently serves on the boards of four companies, including recently being appointed as the audit committee chair of wholesale retail platform Faire. He believes that a board role that merely attends four meetings a year and provides oversight is 'not truly interesting,' and he seeks to practically help business teams improve. This article explores his philosophy of board engagement, experience with growth stages, and advice for CFOs joining a board for the first time.
Michael Fleisher, former CFO of Wayfair and former CEO of Gartner, currently serves on the boards of four companies, most recently appointed to the board of Faire, a wholesale retail platform.as chair of the audit committee. But he says that merely serving as a board member providing remote oversight and guidance "is not really that interesting."
Fleisher told CFO Dive in an interview that some professionals serving on boards may "attend four meetings a year, learn a little about the business, provide appropriate oversight, and ensure all necessary matters are addressed, but for me, that's not the kind of involvement I want. The involvement I want is: how can I truly help this group make this business better?"
Crossing growth thresholds
Fleisher spoke about having a "personal passion" for the retail industry, which is why he accepted the board seat at Faire, based in San Francisco, California. Faire provides an online platform that facilitatesconnections between local retailers and brands。
Fleisher is also curious about Faire's growth potential: according to a press release announcing his board appointment on March 11, the company currently has an annualized revenue of approximately $550 million, up 32% year-over-year.
However, successfully seizing this opportunity requires some shifts in leadership: he notes that running a business with $100 million in revenue is "completely different" from leading a business with $250 million in revenue, which in turn differs from how to operate a business with $500 million in revenue.
"I've been through these thresholds before," Fleisher said of Faire's growth, "and I think I can bring some value. And the team is very willing to have directors who engage in that way. I think that's what excites me the most."
As an experienced retail executive, Fleisher's resume includes nearly a decade as CFO at furniture retailer Wayfair starting in 2013. During his tenure, he helped lead Wayfair's initial public offering in 2014, whenthe company was valued at $2.3 billion, as reported by Retail Dive, a sister publication of Industry Dive, at the time.
According to his LinkedIn profile, prior to Wayfair, his past positions include six years at Warner Music Group, including serving as Vice Chairman of Strategy and Operations at Warner Music Group, and six years at Gartner, five of which he served as CEO.
In addition to Faire, he also serves on the boards of restaurant chain First Watch Restaurants, website building platform Squarespace, and technology and online sneaker and apparel company GOAT Group, according to his LinkedIn profile.
According to the March 11 press release, Fleisher will join other Faire board members, including former DoorDash executive Christopher Payne, to help strengthen the company's operational discipline and financial planning, as the company "sees a significant opportunity to expand wallet share over time, reinforcing its ambition to become the core operating system in wholesale."
This means being diligent as the company's audit chair: he says the role is evolving from merely overseeing finances to helping the company navigate risks. In his first few months at Faire, Fleisher also spent a lot of time talking with Faire's CFO Jason Lee about capital allocation, talent needs, and other key points for the business to successfully execute its growth strategy.
Having these discussions with the finance chief is crucial because "I do think the challenge for companies at Faire's stage is that there are too many worthwhile things to do," Fleisher said.
It's a good problem, but "I think the real challenge for founders and teams is to think: where should I put resources, what are my best options, and more importantly, what should I decide not to do," he said.
The balancing act of the board
Fleisher says finding balance in his role at Faire is also a focus: while there are areas where he can immediately step in and share his firsthand experience, in other areas, "I need to first better understand the nuances of your business before I can tell you what I think you should or shouldn't do," he said.
Another area he focuses on while settling into the board seat is ensuring that key team members are willing to proactively reach out to him. People often think board members, while important figures, are not approachable, which Fleisher sees as a "tremendous waste of opportunity."
"I want Faire employees... to think 'how do we ensure products reach customers in the right way? What opportunities are there to think, oh, Fleisher is someone we can reach out to for this and gain knowledge from?'" he said.
He mentioned that ensuring good rapport with key company leadership is not only important for the business to successfully achieve its goals, but also a key factor when considering board opportunities.
Finance chiefs considering their first board opportunity might fall into a trap because their skills happen to fill a suitable gap: often, CFOs are approached because the company is looking for an audit chair and wants a professional with the right skills. While having those skills is important, and "you should care about what the business is, but you really should care about the people," Fleisher advises.
"Do I get along with this CEO? Do I get along with this CFO? Do I think they want my input and guidance? Do I think they are people I want to spend time with and interact with?" Fleisher said. "I think these questions are very important and often overlooked, especially for CFOs joining their first board."