Hampton Creek's empty board of directors
Hampton Creek, the meatless food startup that has raised more than $220 million in VC funding, made news earlier this week by basically losing its entire board (save for founder and CEO Josh Tetrick). Six notes:
1. Top-line: This is what happens when a CEO has super-voting rights and no longer really listens to his board. In fact, it's unclear why companies with such structure even have boards of directors, rather than boards of advisors. The late Bill Campbell said that the only real job of a board is to hire and fire a CEO, so boards like Hampton Creek don't really have a core function. Nonetheless, Tetrick does plan to reconstitute it with new people.