Blogging about something Macromedia related, as I just did, brought back to mind an interesting bit of backstory that I thought might be worth sharing. While I was a director at Macromedia from 2003 until its acquisition by Adobe in late 2005, I did little or no blogging about the company or its products, probably to the disappointment of some people at the company.
The reason was that I felt in an awkward position: privy to all kinds of information but not necessarily close enough to know what was public yet and what wasn’t; in a position of fiduciary responsibility and some authority, but not actually responsible for the company’s products or positioning; with strong opinions about strategic direction, but not always ones that the company itself embraced! It made me realize how much blogging depends on independence. I can blog about my own company or ideas, and if I put my foot in my mouth, there’s no one to answer to but myself and my readers. But if I were to blog about Macromedia or its products, was I speaking for myself or for the company? I might disclaim and disclose all I want, but because I was a director, a personal opinion might be considered as more than that. What’s more, as an outside director of a public company, I was supposed to be representing the best interests of the shareholders, not just my own opinions. If I thought that a Macromedia product strategy was wrong, and said so, would I be helping or hurting those interests (even if so doing was in some larger sense helping to put the company on the right track)?
I hoped for some kind of guidance on the subject when I attended Stanford Director’s College, but all they had to say on the subject was “Don’t!” But that was part of a general, dispiriting trend at the course, which, under the shadow of Sarbanes-Oxley, seemed much more focused on how to avoid accountability as a director than on how to add value to the company!
I’d be curious to know about the experience of any directors of public companies who are also bloggers. And it would be great to develop some forward-looking best practices, so that companies and their (potentially blogging) directors would have at the very least a starting point for discussion. Feel free to leave comments here or contact me directly.
P.S. My stint as a director at Macromedia was one of the most stimulating (and humbling) experiences of my business career. As someone whose own company is homegrown, it was amazing to watch some real business professionals at work. I have so much admiration for the Macromedia management team and process, as well as for the other directors. It was a great learning experience to see the different pressures that come into play at a public company — and how a great management team turns that pressure into an asset rather than an impediment. Watching the Macromedia executives making sure that they hit quarterly targets reminded me of Alexander Pope’s notion that he liked working in rhymed couplets, because funnelling his creativity through such a narrow aperture made it shoot out like water from a fountain. In particular I remember Stephen Elop closing a big Siemens deal for Flash on the phone in the week between Christmas and New Years in order to overcome a shortfall in another area of the business. Amazing hustle!